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Home » Lost in Translation? GM Plant Shutdown Shocks South Korea

Lost in Translation? GM Plant Shutdown Shocks South Korea

February 21, 2018
The New York Times

In what they thought were meet-and-greet introductions, senior officials agreed to work with the global automaker on problems at GM Korea, according to South Korean officials with direct knowledge of the meetings.

This month, Engle made another visit, meeting with the head of state-run Korea Development Bank, which owns 17 percent of GM Korea. Bank and government officials said Engle asked for financial support and in return, KDB suggested an audit before it would consider committing any fresh funding.

South Korea officials said they left reassured they were making progress working through issues, albeit slowly.

Then came the bombshell. Last week, GM announced it would shut its Gunsan plant, which employs 2,000, and decide the future of the remaining three other Korean plants within weeks.

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KEYWORDS Asia Pacific Automotive High-Tech/Electronics SC Finance & Revenue Management
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