Daewoo sells bus-making operation

Daewoo Motor of South Korea has signed a deal to sell its bus-making operations to South Korean hat-maker Young An Hat Co, Reuters reported. The US$117m deal includes Daewoo's joint venture in Guilin, Guangxi, which has a capacity of 3,000 buses a year, as well as its main domestic plant in Pusan. A Young An spokesman said that lesser-developed nations offered a huge market for buses and that his company planned to export to other Asian countries.