US car giant General Motors (GM) is a potential buyer for Daewoo, raising hopes that 700 engineering jobs at Daewoo’s European design and development site in Worthing could be safeguarded.
GM Korea president David Jerome said this week: ‘The acquisition of Daewoo Motor is still part of GM’s global strategy.’ GM stepped in after Ford pulled out of discussions to take over the bankrupt car maker.GM is expected to unveil its takeover strategy for Daewoo at the Detroit Motor Show in January. If GM were to buy Daewoo, the Worthing engineering centre would become one of many GM regional research and development offices.
This follows the re-introduction of technical development in the UK by GM subsidiary, Vauxhall. Its £5m centre for light vans, opened in Millbrooks, Bedfordshire in May, has 70 employees.
A Vauxhall spokesman said it was too early to say if the Worthing office would be incorporated into plans for a new UK engineering centre.
Daewoo’s British employees made headlines when Daewoo failed to pay them on time. The Government and unions had to apply pressure to the South Korean government and senior Daewoo executives to ensure a commitment to salary payment.