Board of Directors of Mando Corporation announced the spilt-off of Autonomous Driving business.
June 08, 2021
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Board of Directors of Mando Corporation (KOSE:A204320) announced the spilt-off of Autonomous Driving (ADAS) business on June 9, 2021. Autonomous Driving (ADAS) business will split-off from Mando and position as a specialized autonomous driving & mobility company, named as Mando Mobility Solution (MMS) (New Co.). Mando Corporation will maintain its managerial control over MMS. To create business synergy for autonomous driving, MHE (MANDO-HELLA Electronics) will become a wholly owned subsidiary of MMS. Post split-off Mando Corporation will grow as a highly-focused EV solutions company through chassis (brake, steering, suspension) electrification. The split-off plan is expected to be presented at the shareholders' meeting of Mando Corporation to be held in July 2021. Transaction is also subject to completion of regulatory requirements. Transaction is approved by board of directors of Mando Corporation. On July 20, 2021, the transaction was approved by 85% of Mando shareholders. Post Split-off Mando Mobility Solution will merge with HL Klemove. Paljoo Yoon will become the Chief Executive Officer of the combined entity. Split-off transaction is to be completed on September 1, 2021.
HL Mando Corp, formerly Mando Corp, is a Korea-based company mainly engaged in the production and sale of automobile parts. The Company produces and sells automobile parts such as brake, steering and suspension systems. The brake systems include anti-lock brake systems (ABSs), traction control systems (TCSs) and electronic stability controls (ESCs). The steering systems include steering gear systems, steering columns and electric power steering (EPS). The suspension systems include electronically controlled suspensions (ECSs) and continuous damping controls (CDCs). The Company sells products in domestic and overseas markets such as China, the United States, and India.
HL MANDO CORPORATION 
