GM Layoffs 2020: 1,500 Employees Cut As Two Plants Are Sold

General Motors (GM) is reportedly pulling back its global operations, selling two plants in Thailand.

The sale of the Thailand plant will occur in June, laying off about 1,500 workers in the process, Reuters reported. GM announced on Monday that it was selling two plants in the industrial province of Rayong, Thailand, to China’s Great Wall Motor.

As part of the sale to Great Wall Motor, GM employees located at the plant will not be transferred through the transaction, Jak Punchoopet, adviser to the Minister of Labour told the news outlet.

“Their plan is to lay off 1,000 employees in the auto parts manufacturing line in June, and then around 300 to 400 in the assembly line in October.”

According to Punchoppet, the rest of the workers at the plant would be let go towards the end of 2020.

Workers will reportedly receive severance pay in accordance with Thailand’s labor laws, in addition to a four-month bonus to all affected employees.

Shares of GM stock were up 1.35% as of 11:04 a.m. EST on Wednesday.