SM Group completed the acquisition of Zico for $66m.

SM Group completed the acquisition of Zico, a company that produces products for automobile engines and transmission systems, for $66m. Zico is developing an integrated thermal management system that can cover the EWP and cooling module, which are key parts of electric vehicles and hydrogen vehicles, to indoor air conditioning. EWP can reduce the weight of parts and respond to strengthened environmental regulations such as carbon dioxide reduction. ITMS is expected to improve fuel efficiency by 2-3% and pioneer the control valve market.