GM to take $100M hit for losing Venezuelan plant

General Motors announced it will take a $100 million hit in profits after its Venezuelan plant was seized.

The company has said it plans to fight the seizure. The plant was taken over last month by government officials.

Officials with the company said Tuesday it plans to "deconsolidate" operations from its accounting books. That equates to wiping out the value of the plant and the company's assets.

"The deconsolidation follows the unexpected seizure of GM's Venezuelan plant on April 18 by judicial authorities, which forced the company to cease operations and terminate employment relationships due to causes beyond the parties' will," GM officials said in a statement. "All former employees have since been paid separation benefits as legally required."

Read more from the Detroit Free Press.

[[In-content Ad]]