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Hyundai Mobis wants to split up some of its most important businesses into new units.

Seoul (Reuters) -Hyundai Mobis Co Ltd, a South Korean company that makes auto parts, said on Thursday that it was thinking about splitting its modules and key parts production businesses into new wholly owned units. This would help each segment become more efficient and improve its expertise.

In a regulatory filing, Hyundai Mobis, which is part of the automaker Hyundai Motor Co., said it plans to hold a board meeting in September to get approval for plans to split the businesses, which are expected to start in November.

The new units will be in charge of manufacturing operations like managing facilities and workers, while the company’s central management will focus on making new products and securing future mobility technologies.

Before Hyundai Mobis announced its plans, its stock price fell by 3%, reaching its lowest level since July 13. The benchmark KOSPI also fell by 0.3%.

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