General Motors Company (NYSE:GM) will close one of its four plants in South Korea and take an $850 million impairment charge as it restructures its money-losing business in the country. GM stock has lost just under 1% so far this month as the S&P 500 Index dropped almost 6%.
GM has been aggressively addressing underperforming businesses globally, and is now focused on finding a solution for its South Korean operations, the company said in a press release.
Most of the writedowns will be by the end of the second quarter, according to news reports. The fate of the companys other South Korean operations will be determined in coming weeks as GM progresses in talks with both the government and labor unions on cost cutting to turn the b…
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