Hyosung Advanced Materials restructuring airbag business in North America

Seoul – Hyosung Advanced Materials is restructuring its US airbag subsidiary GST Automotive Safety Components International with the aim to expand the manufacturing and sales of airbag cushions and fabrics in North America.

As part of the move, GST will acquire “all assets, contracts, rights, workforce and related liabilities” involved in manufacturing and selling airbag cushions and fabrics from HS Hyosung USA Holdings, Inc.

The move will consolidate Hyosung’s airbag operations in the US and will increase corporate value by integrating operations into one entity, the Korean supplier said 4 July.

Accordingly, the GST business division and GST Mexico stake held by HS Hyosung USA Holdings will be incorporated into GST Global GmbH.

In its 4 July announcement Hyosung said it had adjusted the transfer price to KRW70.29 billion (€44 million), down from the originally disclosed KRW82.61 billion on 30 May.