Business Services Industry
S KOREAN COS OPT OUT OF ALLIANCES WITH FOREIGN FIRMS.
AsiaPulse News, September, 2004
SEOUL, Sept 1 Asia Pulse - Local manufacturers are increasingly considering a breakup of alliances with foreign companies, as their improved business made such tie-ups no longer necessary, industry sources said Wednesday.
LG Electronics Inc. (KSE:066570), South Korea's second-largest electronics maker, Hyundai Motor Co. (KSE:005380), the nation's No. 1 automaker and other major companies have unveiled plans to end their ties with foreign companies.
LG Electronics has been preparing for a breakup with the International Business Machine Corp. in the United States by December.
LG Electronics formed LG IBM, a 49-51 joint venture with IBM Korea, a subsidiary of IBM, in 1996 and has been selling ThinkPad notebook computer series as main items.
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