United Motors, Hyosung Announce Agreement
March 23, 2006
Filed under Uncategorized
United Motors, Inc., supplier of motorcycles, scooters and ATVs sold under the UM brand name, and Hyosung Motors & Machinery, Inc., Korea's largest manufacturer of two-wheel motorcycles and all terrain vehicles ATVs sold under the Hyosung brand name, announced the execution of a “Cooperation Agreement” they say was designed to increase their global competitiveness and market share.
Hyosung Motors will manufacture OEM products for United Motors sold under the UM brand in selected countries and markets around the world where UM has a strong distribution network. United Motors will design and develop high displacement motorcycles including a line of 250cc and 650cc sport bikes and cruisers manufactured by Hyosung Motors.
The companies say another area of the cooperation includes joint product development in different displacement ranges.
“We are excited about the potential of this cooperation and the benefits that it represents for both groups,” said Juan Villegas, CEO of United Motors. “We anticipate this agreement will expand the competitive positions of both companies and will bring tangible benefits to our customers, distributors, dealers and shareholders.”
Based in Changwon City, Kyungnam, Korea, Hyosung Motors & Machinery was established in 1978. United Motors, established in 1999, is based in Miami, Fla., the company distributes product to 15 countries and 600 dealers in North and South America and the Caribbean.