Hyundai Wia merges with subsidiary Hyundai Wia Turbo, aiming to streamline auto parts business = South Korea

Hyundai Wia, a parts manufacturer of the Hyundai Motor Group, announced on the 12th that it will merge with its wholly owned subsidiary Hyundai Wia Turbo. The contract is scheduled to be signed on the 13th, and the merger date will be on the 12th.
It is scheduled for the 15th of the month. Hyundai Weia Turbo, which is merging with Hyundai Weia, produces turbochargers. The company originally announced in 2013 that Hyundai Weia had a 51% stake in Japanese heavy industry giant IHI.
It is a joint venture established with a 49% stake. In order to domestically produce turbochargers that had previously been dependent on imports, we partnered with IHI, which possesses related technology. The joint venture relationship was dissolved in 2017,
Hyundai Wea has acquired all of IHI's holdings. As a result, Hyundai Wea has entered into a technical partnership with Hyundai Wea Turbo, and now Hyundai Wea has decided to merge with Hyundai Wea Turbo.
Hyundai WEA explains the background of this merger as ``to improve management efficiency and strengthen business power.''