General Motors to close South Korea plant

General Motors to close South Korea plant

Mubasher: General Motors Company (GM) on Tuesday said that it will close one of its four plants in South Korea in May 2018 ,and propel union officials to cut additional cost in an effort to stem losses. 

The US company’s decision poses a threat to around 2,000 of South Korean workers. 

Similarly, GM’s CEO Mary Barra has also supervised the closure and sale of unprofitable business units in India, Western Europe and Southeast Asia as part of  the US automaker’s strategy to eliminate unprofitable plants.  

GM relies more on Chinese operations, which sell more cars than in any other country. 

The closure of Gunsan facility will lead to a charge of $850 million and will slash a glut of unused factory space, GM said.

Source: Mubasher

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