General Motors To Wind Down Australia, New Zealand Operations, Sell Thailand Plant

NEW YORK/BEIJING (Reuters) - General Motors Co said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business, costing the U.S. auto maker $1.1 billion.

The moves will accelerate GM's retreat from unprofitable markets, making it more dependent on the United States, China, Latin America and South Korea, and give up an opening to expand in Southeast Asia.

They come after the company told analysts this month that restructuring GM's international operations outside of China to produce profit margins in the mid-single digits would represent "a $2 billion improvement" on two years ago.