Seoul, Korea — GM Daewoo Auto & Technology Co. (GM Daewoo) confirmed tonight that a tentative agreement on wages and working conditions was reached between the company and its union late this afternoon after 20 rounds of negotiations.

The agreement includes a monthly base wage increase of KRW 74,359 ($61.7 USD), an incentive of KRW 2.5 million ($2,076 USD) upon ratification of said agreement and a payment of KRW 2 million ($1,661 USD) in performance pay to be paid at the end of the year.

With the tentative agreement, GM Daewoo labor and management ended more than two months of negotiations since they had the first meeting on May 12 and unionized workers are expected to hold a vote on the agreement early next week.

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GM Daewoo Auto & Technology was established on October 17, 2002. It has five manufacturing facilities in Korea as well as an assembly facility in Vietnam. In addition, GM Daewoo provides market and brand-specific vehicle kits for assembly at GM facilities in China, Thailand, India, Colombia and Venezuela. In 2009, GM Daewoo sold in Korea and exported more than 1.5 million units, including CKD products. GM Daewoo now produces vehicles and kits that are offered in more than 150 markets on six continents. More information on GM Daewoo and its products can be found on the company’s website at http://media.gm.com.

Contacts:
GM Daewoo Corporate Communications
02-755-4043~4, 4048
Website: http://media.gmdaewoo.co.kr
Blog: http://blog.gmdaewoo.co.kr