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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: GM Daewoo mulls temporary shutdown amid sales slump AFP - Tuesday, November 11 SEOUL (AFP) - - The South Korean unit of US General Motors Corp said Tuesday it is considering a temporary closure of plants amid a worldwide fall in demand. "We are reviewing it (suspension). A decision will be made in late November," said Kim Young-Soo, spokesman for GM Daewoo. "Like other industries, GM is being affected by the global financial crisis," Kim told AFP, declining further comment. A local media report said the automaker would shut plants for 10 days starting December 20. In October GM Daewoo reported that its auto sales declined 11.3 percent from a year earlier to 73,180. Yonhap news agency said such a shutdown would be the first since 2002 when GM and its partners took a majority stake in Daewoo Motor, part of the now defunct Daewoo Group. The group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures -- in the wake of the 1997-98 Asian financial crisis. General Motors and other US automakers are in dire straits because of the global economic crisis. Its chief executive Rick Wagoner has said it needs to line up a federal aid package even before president-elect Barack Obama takes office in January. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India's Cadila Health buys Dutch Crucell unitReuters - 54 minutes ago DEALTALK-Incitec's capital raising sparks acquisition talkReuters - 55 minutes ago Seoul shares drop as export worries hit tech firmsReuters - 1 hour 1 minute ago Asciano sees no more than 15% variation in op profitReuters - 1 hour 2 minutes ago Russia rouble slumps vs basket in early tradeReuters - 1 hour 4 minutes ago Enlarge Photo GM Daewoo mulls temporary shutdown amid sales slump Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln G20 pledges 'all necessary steps' to restore stability AIDS vaccines: New hope for problem-plagued path Documents expose Prince William RAF training row: report MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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