Korea Express to Truck Auto Parts for GM Daewoo

Korea Express Co., South Korea's biggest trucking company, said Wednesday it has been picked as a logistics subcontractor for GM Daewoo Auto & Technology Co., the nation's second-largest automaker by sales.

Starting October, Korea Express will ship auto parts to GM Daewoo plants for three years. The contract may generate as much as 50 billion won ($54 million) in revenue a year, the company said in a regulatory filing.

Korea Express has been under court receivership since 2001 because of deteriorating finances.