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BUSINESS
December 20, 1995 | JOHN O'DELL, TIMES STAFF WRITER
Fledgling South Korean car company Samsung Motors Inc. has acquired a vehicle design center in Huntington Beach and plans to have at least 45 stylists working there by next year. Samsung, which plans to launch U.S. auto sales shortly after the end of the decade, and Daewoo Motors, which intends to start selling here in 1997, would join two other South Korean car makers, Hyundai and Kia, in the North American market. Both Hyundai and Kia have established U.S.
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BUSINESS
April 22, 2000 | MARK MAGNIER, TIMES STAFF WRITER
French auto maker Renault agreed on Friday to buy ailing Samsung Motors for a reported $540 million to $550 million, marking the first time a foreign company has gained a foothold in the protected South Korean car market. The deal expands Renault's tire tracks in Asia at relatively low cost and maintains Samsung's name in the marketplace. "This looks like quite a favorable deal for Renault," said Howard Smith, analyst with ING Barings.
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BUSINESS
February 15, 1999 | Bloomberg News
* Workers at South Korea's Samsung Motors Inc. have ended a two-month strike, paving the way for Daewoo Group to sign a deal to take over the loss-making car maker. Production at Samsung Motors could resume Wednesday. Workers and management of Samsung Motors have been negotiating since the strike began in December. Officials at Samsung, a unit of Samsung Group, were not available for comment. Daewoo is due to sign a memorandum of understanding by today to take over Samsung Motors.
BUSINESS
February 15, 1999 | Bloomberg News
* Workers at South Korea's Samsung Motors Inc. have ended a two-month strike, paving the way for Daewoo Group to sign a deal to take over the loss-making car maker. Production at Samsung Motors could resume Wednesday. Workers and management of Samsung Motors have been negotiating since the strike began in December. Officials at Samsung, a unit of Samsung Group, were not available for comment. Daewoo is due to sign a memorandum of understanding by today to take over Samsung Motors.
BUSINESS
April 22, 2000 | MARK MAGNIER, TIMES STAFF WRITER
French auto maker Renault agreed on Friday to buy ailing Samsung Motors for a reported $540 million to $550 million, marking the first time a foreign company has gained a foothold in the protected South Korean car market. The deal expands Renault's tire tracks in Asia at relatively low cost and maintains Samsung's name in the marketplace. "This looks like quite a favorable deal for Renault," said Howard Smith, analyst with ING Barings.
BUSINESS
December 15, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Ailing Samsung Motors has pulled the plug on its U.S. design studio in Huntington Beach, which will close at the end of the year. The 22 employees have vowed to stay together as a design team and hope to find a car maker or other major automotive-industry manufacturer with design needs to buy the studio and its state-of-the-art computerized equipment. Samsung Motors, which is scheduled to be acquired by Daewoo Motor Corp.
BUSINESS
April 3, 1995 | Times Staff and Wire Reports
Samsung to Form Auto Division: South Korea's largest conglomerate said it has formed a subsidiary to make cars. The $120-million investment to start up Samsung Motors Inc. will come from three sister firms, Samsung Electro-Mechanics, Samsung Display Devices and Joong-Ang Development Co. Ltd., the company said. Samsung Motors is expected to build about 60,000 cars a year starting in 1998, and increase production to 500,000 by 2001.
BUSINESS
August 22, 1998 | Associated Press
Ford Motor Co. and the South Korean auto firms Hyundai Motor Co., Daewoo Motor Co. and Samsung Motors Inc. entered bids for Kia Motors Co., but General Motors Corp. dropped out of the bidding at the last minute, Kia said. GM had said in July it would be among the bidders for Kia, South Korea's second-largest auto maker before it collapsed last year in a financial crisis. A 15-member panel will study the offers for Kia and its commercial-vehicle unit, Asia Motors Corp.
BUSINESS
September 24, 1998 | From Bloomberg News
The auction of Kia Motors Corp., an insolvent South Korean auto maker, was scrapped for the second time in a month after creditors refused debt write-offs demanded by the bidders, a Kia spokesman said Wednesday. The failed attempt to sell the company appears to reopen the door to Ford Motor Co. to rejoin the suitors. Ford had dropped out of the second round after Kia's creditors refused to sweeten the pot by writing off more of the company's debt. But when Hyundai Motor Co., Daewoo Motor Co.
BUSINESS
September 1, 1998 | From Reuters
The auction of Kia Motors Corp. will be canceled, officials and analysts said Monday, after Ford Motor Co. and three South Korean auto makers bidding for the ailing company and its corporate sibling, Asia Motors Co., demanded better terms on the companies' mountains of debt. "The four bidders all want a write-off of debts," a senior Kia official said. He said creditors had proposed a plan to reschedule some of the debt but had ruled out any debt write-offs in the original tender documents.
BUSINESS
December 15, 1998 | JOHN O'DELL, TIMES STAFF WRITER
Ailing Samsung Motors has pulled the plug on its U.S. design studio in Huntington Beach, which will close at the end of the year. The 22 employees have vowed to stay together as a design team and hope to find a car maker or other major automotive-industry manufacturer with design needs to buy the studio and its state-of-the-art computerized equipment. Samsung Motors, which is scheduled to be acquired by Daewoo Motor Corp.
BUSINESS
December 20, 1995 | JOHN O'DELL, TIMES STAFF WRITER
Fledgling South Korean car company Samsung Motors Inc. has acquired a vehicle design center in Huntington Beach and plans to have at least 45 stylists working there by next year. Samsung, which plans to launch U.S. auto sales shortly after the end of the decade, and Daewoo Motors, which intends to start selling here in 1997, would join two other South Korean car makers, Hyundai and Kia, in the North American market. Both Hyundai and Kia have established U.S.
BUSINESS
March 21, 1997 | JOHN O'DELL
Korea's newest car maker, Samsung Motors Inc., has scrapped plans to enter the U.S. market at the turn of the century, but says it won't abandon its U.S. design center in Huntington Beach. Samsung bought the center last year from independent British design firm International Automotive Design. The company says it will continue to use the Orange County center to generate ideas for its operations around the globe. And, of course, to help design cars for the U.S.
BUSINESS
October 13, 1998 | Reuters
Ford Motor Co. jumped back into the bidding for South Korea's debt-laden Kia Motors Corp. and sister firm Asia Motors Inc. South Korea's Big Three auto makers--Hyundai Motor, Daewoo Motor and Samsung Motors--also submitted bids in the third international auction for the two auto firms. Analysts said Ford is best positioned to win the bidding this time because of South Korea's need for foreign capital and the U.S. car maker's longtime business ties to Kia.
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