South Korean automotive manufacturer Hyundai Motor Company has applied to the Turkish Competition Authority to buy Kibar Holding's equity interest in Hyundai Assan Otomotiv.
Hyundai Motors currently holds a 70 percent share in Izmit-based Hyundai Assan Otomotiv with the Turkish group Kibar Holding taking ownership of the outstanding 30 percent equity share. With this acquisition, Hyundai Motors will turn its Turkey factory to a wholly-owned subsidiary.
Hyundai Assan Otomotiv manufactures over 230,000 units of the i10 and i20 models annually, with its output bound for export to 40+ countries. Its total workforce comprises 2,500 employees.