Global automotive supplier Inteva Products LLC has acquired majority ownership in Korean Door Systems, its joint venture with SL Corp.
Headquartered in Troy, Mich., Inteva was equal partners with South Korea's SL Corp. prior to the new agreement, which was effective March 30.
KDS manufactures closure systems and other products, supporting automakers including Hyundai, General Motors Korea and Volkswagen.
“We've enjoyed two decades of partnership with KDS. Majority ownership will further facilitate Inteva's ability to expand our product line offerings in Korea,” Lon Offenbacher, Inteva Products CEO and president, said in a statement.