DETROIT—General Motors Co will close one of four vehicle assembly plants in South Korea, and will decide the future of the remaining operations within weeks, based on the outcome of talks with the government and labor unions, GM President Dan Ammann told Reuters on Monday.
GM said in a statement it will take charges against profits of $850 million to reflect the costs of restructuring its money-losing South Korea operations, including $375 million in cash related to employee costs. Most of the financial writedowns will be recorded by the end of the second quarter, GM said.
