Wednesday June 28, 2006

About 40,000 workers accept GM, Delphi buyouts

news.yahoo.com :

About 40,000 hourly workers have accepted buyout and early retirement offers from General Motors and Delphi, exceeding expectations and potentially resulting in significant cost savings for the automaker. About 30,000 GM workers, or almost one-quarter of the U.S. factory work force had taken the offer, while about 10,000 workers at Delphi, a former GM parts unit that has filed for bankruptcy, had taken the offer, a United Auto Workers union local official said.

The number of blue-collar workers who accept the early retirement incentives has been closely watched as an indicator of the success of GM's turnaround efforts. GM has offered a sweeping package of buyouts, ranging from $70,000 to $140,000, to more than 125,000 unionized factory workers in a bid to reduce costly benefits for an aging work force.

GM lost $10.6 billion in 2005 amid rising costs and falling U.S. market share. The automaker's U.S. market share fell 3 percentage points to 22.5% in May. The company is in the midst of a sweeping restructuring, which includes shuttering 12 plants and cutting 30,000 jobs.

See also :

1. GM's ratings cut deeper into junk territory
2. GM to cut 30000 jobs
3. GM bankruptcy possible: S&P

(2006-06-28 00:30:39 SGT) [Biz] Permalink

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