▲ Hyundai Mobis
Hyundai Mobis is in the final stages of selling off its lamp business, a move pursued since early this year to practice "selection and concentration."
Hyundai Mobis announced in a regulatory filing today (September 30) that it held an extraordinary board of directors meeting and approved a plan to spin off its lamp business division.
Hyundai Mobis also signed a stock purchase agreement (SPA) for the lamp business division with French auto parts company OP Mobility on the same day.
The scheduled spinoff date is April 1 of next year, with plans to sell the division to OP Mobility upon completion of the spinoff.
Last year's revenue for the lamp business subject to the sale stands at approximately 1 trillion won.
Previously in January, Hyundai Mobis signed a memorandum of understanding (MOU) with OP Mobility for the transfer of the lamp business division, negotiating the transaction structure and scale.
OP Mobility is an automotive parts company with 150 production bases across 28 countries worldwide, recording annual revenue of 11.65 billion euros (20 trillion won) as of 2024.
The sale of the lamp business is intended to effectively respond to the future mobility market through "selection and concentration" and secure a foundation for sustainable growth.
In particular, the decision is expected to strengthen the business expertise and external competitiveness of the lamp division being sold, while enhancing Hyundai Mobis' new growth engines and core business competitiveness.
Hyundai Mobis previously stated its business efficiency stance at last year's CEO Investor Day, noting that it would "concentrate capabilities on future core businesses and products, and transition the revenue structure centered on high-value-added fields."
However, the office and research workers' union and partner companies affiliated with Hyundai Mobis have opposed the decision to sell the lamp business, demanding job security and loss compensation.
In response, Hyundai Mobis explained that "members belonging to the division subject to the spinoff who meet the succession criteria will have their employment and all rights and obligations transferred."
Following this final contract signing, Hyundai Mobis plans to proceed in earnest with subsequent procedures required for the sale, such as a general shareholders' meeting and business combination filings, to ensure the stable spinoff of the lamp business and establish a new operating system.
(Photo: Yonhap News)
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