US Urges S. Korea
To Open MarketsSEOUL, South Korea - A U.S. trade delegation urged Monday that South Korea open its domestic markets to U.S. goods and end restrictive trade practices to help ease the American trade debt, South Korean officials said.
Peter Allgier, assistant U.S. trade representative, made the request at the start of a three-day trade meeting in Seoul, the officials said.
Mr. Allgier, head of the 19-member U.S. delegation, asked South Korea to slash its growing trade surplus with the United States by cutting tariffs and dismantling various import and sales restrictions, said the officials, speaking on condition of anonymity.
Gypsum Carrier Sells
Stake in Cement Firm
NEW YORK - Gypsum Carrier Inc. has sold its holdings in PT Semen Cibinong, an Indonesian cement manufacturer, to PT Tittamas Majitama, an Indonesian company, for $26 million in cash.
Gypsum, a unit of Iselin, N.J.-based Hanson Industries owns 42.84 percent of Cibinong.
Hanson, which is the U.S. arm of diversified consumer manufacturer Hanson PLC in London, acquired its shareholding in Cibinong as part of its acquisition of Kaiser Cement in March 1987 for about $250 million.
US, Korean Firms
Form Joint Venture
MORRIS TOWNSHIP, N.J. - Allied-Signal Inc.'s Bendix Automotive Group and Hankuk Brake Industrial Co. of Seoul have formed a joint venture to produce brake components and friction materials in Yong-In, Kyungki-Do, South Korea.
The company will be operated under the Hankuk Brake name.
Hankuk will own 51 percent and Allied, 49 percent. Its products will be
marketed to the passenger car, truck and bus segments of the automotive industry.
Bendix Automotive Group is a leading supplier of brake systems, brake components and friction materials, with businesses in aerospace and engineered materials.
US Urges S. Korea