[Apha Biz=(Chicago) Reporter Paul Lee] KG Group, which acquired former Ssangyong Motor and entered the automobile manufacturing industry, acquired electric bus manufacturer Edison Motors.

KG Mobility held a board meeting on the 13th and passed an agenda to acquire Edison Motors for 55 billion won.

The acquisition target is Edison Motors' 100% stake, including its plants in Gunsan, North Jeolla Province, and Hamyang, South Gyeongsang Province. KG will complete the acquisition of Edison Motors after receiving approval from the rehabilitation court and paying the balance. KG Mobility paid a down payment of 5.5 billion won in May this year, and the remaining balance will be paid after waiting for approval from the rehabilitation court.

KG Group took over Ssangyong Motor last year and changed its name to KG Mobility and anchored its full-fledged automobile manufacturing business. KG Mobility recorded sales of 1.85 trillion won and operating profit of 9.4 billion won in the first quarter of this year, marking the first surplus in 25 quarters. With sales of 1.53 trillion won and operating profit of 18.8 billion won in the second quarter, it was evaluated that the company, which had been in the red for more than seven years, was completely transformed after being in the arms of KG Group.

 

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