General Motors South Korean unit has become a major contributor to the company’s global operations, a top executive said Tuesday, since it was acquired in the aftermath of the Asian economic crisis.
"To see the progress that the company has made in the last five years is remarkable," GM Group Vice Chairman and Chief Financial Officer Fritz Henderson said of GM Daewoo Auto & Technology Co. "It plays an enormously important role for General Motors globally."
GM Daewoo was created in 2002 after Detroit, Mich.-based GM acquired Daewoo Motor Co., the automobile unit of the Daewoo Group. That conglomerate collapsed under tens of billions of dollars in debt as a result of the economic implosion that hit South Korea in 1997-98, part of the broader Asian crisis.
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