April 30, 2002 |
Daewoo Motor Co.'s U.S. sales arm fired about two-thirds of its workers, anticipating that the unit would be excluded from assets General Motors Corp. will acquire after the auto makers sealed their long-anticipated deal Monday. About 105 of Daewoo Motor America's 165 employees were let go last week, said Gary Connelly, vice president of the Compton-based unit. The 60 remaining will keep their jobs until "the transition between Daewoo Korea and GM is finalized."
April 13, 2002 |
General Motors Corp.'s expected takeover of Daewoo Motor Corp. would probably spell the end of the South Korean car maker's operations in the U.S., a top American Daewoo official said Friday. The deal, expected to be signed this month, would strand Daewoo's 525 U.S. dealers, about 160,000 car owners and about 8,000 dealership and corporate employees. Gary Connelly, senior U.S.
September 21, 2001 |
General Motors Corp. said it intends to join partners, including a group of South Korean banks, to take control of most key units of bankrupt auto maker Daewoo Motor Co. The $597-million cash deal would give the partners a 67% controlling stake. GM would gain entry to the potentially lucrative South Korean market and strengthen its Asian strategy. GM would allow Daewoo's struggling U.S. unit, Compton-based Daewoo Motor America Inc., to continue operating as a stand-alone business.
September 1, 2001 |
With sales dropping to a 19-month low and funding from its bankrupt parent having dried up, South Korean auto importer Daewoo Motor America has fired 50 managers and support workers and eliminated 20 already vacant positions at its Gardena headquarters and regional sales offices. As it reorganizes to free more cash for marketing, the U.S. arm of Daewoo Motor Co.
June 28, 2000
* Daewoo Motor America Inc., the U.S. arm of the Korean car maker, said it is opening four regional branches, including a Western office in Huntington Beach that will be headed by John Dorsey. Daewoo Motor America, based in Compton, said it is setting up the regional offices to serve the growing number of dealers. The company said it has 400 dealers and expects to have 500 by the end of the year. The other regional offices are in Marietta, Ga., Hoffman Estates, Ill., and Rutherford, N.J.
September 29, 1998 |
North America's newest automobile retailer, Daewoo, opened its first U.S. showrooms Monday, including its only Orange County location, on Beach Boulevard in Huntington Beach.