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GM cutting North American operations.(General Motors)(Brief Article)
General Motors, which in 1955 became the first American corporation to make over one billion dollars in a year, announced that it intends to close nine manufacturing plants in North America and reduce production in three others. All told, it will be cutting nearly 30,000 workers.
Of the facilities that are closing, only one is in Canada. The remainder are in the United States. The Miami Herald reports that numerous factors are behind the closings, including "high labor, pension, health care and materials costs as well as ... sagging demand for sport utility vehicles, its longtime cash cows." "To make matters worse," says a Reuters article, "GM's main parts supplier--bankrupt Delphi Corp.--is battling with its unions.... A strike at Delphi could shut down some GM and Delphi plants and could force the automaker to burn through billions of dollars a week."
Though the CEO of GM, Rick Wagoner, has said that the company will not file for bankruptcy, Bank of America has said GM has a 40 percent chance of ...
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Source: HighBeam Research, GM cutting North American operations.(General Motors)(Brief Article)