Ssangyong Motor to streamline business operations

SEOUL, Feb. 18 (Yonhap) -- Ssangyong Motor Co. said Wednesday it will downsize
its business operations and cut executives' wages by up to 54 percent in a bid to
quickly conduct procedures for court receivership.
Ssangyong, a unit of China's Shanghai Automotive Industry Corp. (SAIC), was
placed under court receivership on Feb. 6, whereupon SAIC lost management control
of Ssangyong, but retained its 51-percent stake in the company.
Ssangyong plans to increase its sales by integrating and downsizing its business
operations, the company said.
The ailing automaker also predicts it will cut its annual costs by up to 4
billion won (US$2.7 million) by slashing its executives' pay from 20-54 percent
and reducing its welfare system.
ksnam@yna.co.kr
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