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General Motors: will close a plant in South Korea

(CercleFinance.com) - After a careful review of businesses that have suffered significant losses in recent years, on Monday evening General Motors announced its decision to close its Gunsan plant in South Korea at the end of May.

"The Gunsan facility has been increasingly underutilized, running at about 20 percent of capacity over the past three years, making continued operations unsustainable," said the US car maker.

As a result of this decision, General Motors will book charges of up to 850 million dollars, including asset impairments of 475 million dollars. Almost all of these costs will be recorded at the end of Q2.

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