DETROIT/SEOUL (Reuters) – General Motors Co said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asias fourth-biggest economy.
The U.S. automaker said it would decide the future of its remaining South Korean operations within weeks, amid ongoing talks with the government and labor unions on how to cut costs and make the business profitable.
Time is short and everyone must move with urgency, GM President Dan Ammann told Reuters.
The move is the latest in a series of steps the U.S. automaker has taken to put profitability and innovation ahead of sales and volume. Since 2015 GM has exited unprofitable markets including Europe, Austral…
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