South Korean automaker Hyundai Motor Co. on Feb. 24 told shareholders it would divest its controlling stake in a major Alabama auto parts plant where Reuters last year documented children as young as 12 were working.

In a Feb. 24 letter to shareholders from Hyundai Chief Executive Jaehoon Chang, the company said recent audits at 29 of its direct suppliers across Alabama made it confident they are "now in full compliance with underage labor laws."

The audits began last August, after Reuters first reported on the issue, and were conducted by an outside law firm that reviewed documents and did on-site inspections.

To read more, see Yahoo Finance.

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