SOUTH KOREA: GM to increase sourcing from Korea
GM is aiming to increase sourcing from South Korea as a means of cutting costs, according to the Korea Herald.
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The company currently sources around US$600m annually from the nation, or less than 1% of its total $US86bn global spend.
Speaking at a trade show event in Detroit to showcase Korean suppliers, GM’s head of purchasing, Bo Andersson, said that GM is planning to drastically raise this figure.
Around 300 buyers from GM and its suppliers attended the event, known as the Korea-GM Auto Parts Plaza, and organized by the Korea Trade-Investment Promotion Agency. About 85 Korean auto parts makers participated in the event, including Halla Climate Control and LG Chem.
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