By Kim Richters 
 

Daimler AG said Tuesday that its subsidiary Mercedes-Benz AG is selling its passenger-car plant in Hambach, France, to British company INEOS Automotive.

The German car maker, which announced in July that it was exploring the sale of the site, said the effects of the deal were booked in the second and third quarter of this year.

It doesn't expect noticeable negative effects to be recorded for Mercedes-Benz Cars & Vans in the fourth quarter.

The British company, which is part of chemical manufacturer INEOS Capital Limited, will wholly acquire the plant's holding company Smart France SAS.

Daimler didn't disclose the financial terms of the deal.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

December 08, 2020 10:53 ET (15:53 GMT)