Both Daewoo Motor's management and labour union have agreed on a restructuring plan which includes a number of undisclosed layoffs, reports Auto.com (28/11/00).

According to the report, both the management and the union said Monday (27/11/00) that they have agreed that restructuring is needed in all sectors. These include component and product prices, business structure alongside manpower to overcome Daewoo's financial crisis.

Citing a company spokesman, Auto.com reported that the labour leaders have agreed that certain employees will be dismissed although there is no size or timetable for the layoffs as yet.