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KIA MOTORS TO HOLD GROUNDBREAKING CEREMONY FOR US PLANT.
SEOUL, Oct 2 Asia Pulse - South Korea's Kia Motors Corp. (KSE:000270), an affiliate of Hyundai Motor Group, will hold a ceremony this month to mark the groundbreaking for a US$1.2 billion plant in the U.S. state of Georgia, industry sources said Monday.
In April, Kia Motors indefinitely postponed the ceremony amid a South Korean prosecutors' investigation into a slush fund scandal involving its president Chung Eui-sun. His father Chung Mong-koo, chairman of Hyundai Motor Group was arrested on charges of embezzlement and breach of trust and later released on bail. He is now on trial.
Both president and chairman are expected to attend the ceremony slated for Oct. 20, the sources said.
The plant, to be built on a 2.7-million-square-metre site in West Point, Georgia, is only 134 kilometres northeast of Hyundai Motor Co.'s (KSE:005380) factory in Montgomery, Alabama, the group's first U.S. plant.
The new factory will have an annual ...
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