Tweet
full article can be found at link
I wonder if the financial eggheads here have bets on when the bankruptcy will be announced. It could be like the "when will someone ask the ADM question" game in the A/C forum. I'll edit this post to keep everyone's dates, and whoever gets it right gets, I don't know, a big nice blue ribbon or something.
JohnT - February 18, 2006
VetLegion - April 16, 2006
Pekka - April 17, 2006
mrmitchell - July 01, 2006
DanS - November (15 unless he specifies a date) 2006
GM to Ax 30,000 Jobs, Close 12 Facilities
DETROIT (AP) - General Motors Corp. (GM), pounded by declining sales and rising health care costs, said Monday it will cut more than a quarter of its North American manufacturing jobs and close 12 facilities by 2008. The United Auto Workers called the plan "devastating" and warned it will make negotiations more difficult, but some Wall Street analysts said GM's actions may not go far enough.
To get production in line with demand, GM will cut 30,000 jobs, which represent 17 percent of GM's North American hourly and salaried work force of 173,000, and will close nine assembly, stamping and powertrain plants and three parts facilities. GM's U.S. market share fell to 26.2 percent in the first 10 months of this year compared with 33 percent a decade ago, the result of increasing competition from Asian rivals. GM lost almost $4 billion in the first nine months of this year.
...
Wagoner said the job cuts will come primarily through attrition and early-retirement packages to mitigate the impact on workers. GM has an annual attrition rate of about 7 percent, Wagoner said. The average hourly worker is around 49 years old, he said.
Some workers who don't choose to retire could go into jobs banks, which pay laid-off workers their salary and benefits. Wagoner said details about layoffs and early-retirement packages still need to be worked out with the UAW, the Canadian Auto Workers and other unions.
...
DETROIT (AP) - General Motors Corp. (GM), pounded by declining sales and rising health care costs, said Monday it will cut more than a quarter of its North American manufacturing jobs and close 12 facilities by 2008. The United Auto Workers called the plan "devastating" and warned it will make negotiations more difficult, but some Wall Street analysts said GM's actions may not go far enough.
To get production in line with demand, GM will cut 30,000 jobs, which represent 17 percent of GM's North American hourly and salaried work force of 173,000, and will close nine assembly, stamping and powertrain plants and three parts facilities. GM's U.S. market share fell to 26.2 percent in the first 10 months of this year compared with 33 percent a decade ago, the result of increasing competition from Asian rivals. GM lost almost $4 billion in the first nine months of this year.
...
Wagoner said the job cuts will come primarily through attrition and early-retirement packages to mitigate the impact on workers. GM has an annual attrition rate of about 7 percent, Wagoner said. The average hourly worker is around 49 years old, he said.
Some workers who don't choose to retire could go into jobs banks, which pay laid-off workers their salary and benefits. Wagoner said details about layoffs and early-retirement packages still need to be worked out with the UAW, the Canadian Auto Workers and other unions.
...
I wonder if the financial eggheads here have bets on when the bankruptcy will be announced. It could be like the "when will someone ask the ADM question" game in the A/C forum. I'll edit this post to keep everyone's dates, and whoever gets it right gets, I don't know, a big nice blue ribbon or something.
JohnT - February 18, 2006
VetLegion - April 16, 2006
Pekka - April 17, 2006
mrmitchell - July 01, 2006
DanS - November (15 unless he specifies a date) 2006
Comment