In a nerve-wrecking moment, literally at the very last hour, GM signs a preliminary deal with the union. Investment plan of $2.8 billion looks promising now. On Wednesday, a senior government source with direct knowledge of the matter stated, South… Read More ›
The financial support of up to $37 million to small and medium sized companies who are affected by on of GM’s Korea’s plant, could be extended to more depending on the overall impact the closure will have on these companies… Read More ›
While the due diligence will decide the fate of GM Korea, already 2,500 workers, amounting to nearly 15% of the plant’s staff, have opted for a redundancy package, as part of a strategic restructuring. On Monday, an official from South… Read More ›
While 15% of employees, 941 of 2,000 workers, have opted for GM Korea’s generous redundacy package, this week Seoul will have to decide on whether it is willing to risk taxpayer’s money to bail out the loss making plant. Union… Read More ›
It is yet to be determined how the proposal will impact Korea Development Bank, a state run bank, which holds a 17% stake in GM Korea. According to 4 sources with direct knowledge of the matter, General Motors has offered… Read More ›
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