Hyundai Autonet and Bontec Merge

Two of South Korea's leading car audio equipment makers Hyundai Autonet and Hyundai Bontec will merge.

In August, the Hyundai-Kia Motor Group and German electronics company Siemens bought a controlling 43.2% stake in Hyundai Autonet. Bontec has been an affiliate of Hyundai Motor and Kia Motors.

Under the contract, one Bontec share will be exchanged for 2.599 Hyundai Autonet shares.

The merger will unify Hyundai-Kia Motor Group's multimedia and automotive electronics supplier parts, while combined revenue likely will soar to $963 million next year from $400 million this year.

Bontec's sales have grown more than 30% every year since 2001, with its operating profit ratio amounting to 13% in the first half of this year.

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