General Motors will shut down one of its four plants in Korea by the end of May due to a drop in demand, the local unit of the global company said on Feb. 13.
The plant to be closed is in Gunsan, 274 kilometers south of Seoul.
“The performance of our operations in Korea needs to be urgently addressed by GM Korea and its key stakeholders. As we are at a critical juncture of needing to make product allocation decisions, the ongoing discussions must demonstrate significant progress by the end of February, when GM will make important decisions on next steps,” GM Executive Vice President Barry Engle said in a statement.
GM has five production facilities in Korea -- four car assembly plants and one transmission factory.
By Song Seung-hyun and newswires (email@example.com