Korea’s Daewoo Plans Philippine Bus Factory

woo Corp. and two Philippine companies have agreed to build a bus assembly plant in the Philippines.

Daewoo will have a 40% stake in the operation, First Philippine Holding Corp. will have 40%, and Westmont Asia Motors Corp. will hold 20%. Total investment will be $10 million.

Construction will begin in October on the outskirts of Manila. The plant, which will be completed in a year, will have a capacity of 600 buses a year, Daewoo said.

The factory will assemble buses from kits manufactured in Korea by Daewoo Motor Co. Daewoo Motor is a 50-50 joint venture with General Motors Corp.