Hyundai carparts manufacturer Hyundai Motor Co. has agreed to buy a controlling stake in a company that makes parts for cars and trucks.

Hyundai Motor said Wednesday it will pay $20.1 billion for the new car parts company, with the company’s stock up 2.5% to 3,543 yen at 9:07 a.m.

EST.

The deal will be the first of its kind for Hyundai, which makes more than 10,000 types of parts for the vehicles of many of its biggest brands.

Hyundai said it expects to employ some 4,000 people and generate some $3.5 billion in annual sales by 2020.

Hydei also said the deal will provide opportunities for the company to expand into new markets, including in Asia.

The automaker is in talks with the U.S. and South Korea, Hyundai said.

Hyderas cars are seen at the company headquarters in Seoul, South Korea September 12, 2020.–Reuters