General Motors to Cut 5,000 Jobs in South Korea -Reuters

03/02/18 05:08 AM EST

--General Motors' unit in South Korea will cut 5,000 jobs while keeping production steady, provided the South Korean government agrees to a restructuring proposal, Reuters reports, citing a document.

--GM owns 77% of GM Korea, while 17% is owned by the state-run Korea Development Bank, with which it is negotiating a $2.8 billion proposal the will include shutting a plant in Gunsan that has 2,000 employees, according the Reuters.

--The proposal would cut the number of GM Korea employees to 11,000 from 16,000 and commits to create 1,100 new jobs over the next 10 years, it says.


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(END) Dow Jones Newswires

March 02, 2018 05:08 ET (10:08 GMT)

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