Business English Reading Comprehension: GM to Close German Plant

📚 Important Words to Know
plant closure — the permanent shutdown of a manufacturing facility, resulting in the loss of production and jobs
workforce reduction — a decrease in the number of employees, often through layoffs or voluntary departures
labor contract — a formal agreement between an employer and employees (or their union) defining terms of employment
restructuring — a significant reorganization of a company's operations, often involving cost cuts and changes in structure
overcapacity — a situation where a company's production capability exceeds market demand
profit margin — the percentage of revenue that remains as profit after deducting costs
automaker — a company that manufactures automobiles
brand — a name, design, or symbol that identifies a product or company and distinguishes it from competitors
market share — the percentage of total sales in a market held by a particular company or product
collective bargaining — a process of negotiation between employers and a group of employees, usually represented by a union