Mando shareholders approve plan to split-off autonomous driving (ADAS) business
"The split-off allows Mando to sharpen its business-specific expertise and optimize operation for each of its chassis and autonomous business, while maintaining its strategic position as an Active Safety Solution Provider"
SEOUL, South Korea, July 20, 2021 /PRNewswire/ -- Today, July 20th, Mando shareholders approved plan to split-off its autonomous driving and part of *Mobility business as a wholly owned subsidiary. The special resolution, which was approved with 85.0% approval rate of the total number of stocks attended (66.9%), was passed with much support from majority of its shareholders who voted in favor of the resolution as per the recommendations from major domestic and global investor advisory organizations. The NewCo., 'MMS (Mando Mobility Solutions, tentative name)', will be launched on September 1.
Cho Seong-Hyeon, Mando's president & representative director, stated that "Mando is now equipped with new driving engine through this split," and that "we will make every effort to bring positive value to our shareholders and to the society by accelerating advancement of autonomous driving technology".
MMS, the NewCo., which will be responsible arm for Mando's autonomous driving business, is planning to secure talents and advanced technology and at the same time actively implement global marketing efforts through overseas investments in North America, China, and India.
Mando, the RemainCo., will grow as the clean technology provider focused on EV solutions through leveraging ample order backlog, strong e-chassis portfolio, sound financial structure, and extensive business experiences.
Through this approval, Mando is now set to sharpen its business expertise in both 'Autonomous Driving (ADAS)' and 'EV Solutions (Electrification of its traditional chassis business)'. Not only can Mando now optimize its investment and operation for each business, but also, by splitting the autonomous business as a wholly owned subsidiary structure, it is able to maintain its leadership as an 'Active Safety Solution Provider'.
* Mobility business: Unmanned patrol robot, unmanned electric vehicle charger, on-line platform (Cloud server), etc.
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