General Motors said on Tuesday it has ceased operations at its Venezuela plant and will take up to a $ 100 million charge after a judge ordered the seizure of its plant last month.
The largest U.S. automaker said it is deconsolidating its business in Venezuela. The decision follows the seizure of GM’s Valencia plant in Venezuela on April 18 by judicial authorities, which led the automaker to fire 2,700 workers via text message. The GM plant had not produced a car since the beginning of 2016 because of parts shortages and strict currency controls.
GM said executives have expressed a willingness “to talk with government officials and union leaders about the circumstances under which it could be possible to start production and employ some number of workers with a new, viable business model.”
Reporting by David Shepardson
