GM Expected To Exceed 6,000 UAW Buyouts - Source
26 März 2009 - 2:28PM
Dow Jones News
General Motors Corp. (GM) is expected to announce Thursday that
it exceeded the widely reported 6,000 union-buyout figure,
according to a person familiar with the final tally.
The auto maker will release the total figure for its United Auto
Worker buyout program Thursday afternoon. GM spokesman Tony
Sapienza declined comment.
GM offered retirement incentives to 22,000 of its 62,000 UAW
members as part of the auto maker's efforts to dramatically
downsize its global operations. The company had hoped as many as
half of those offered the deal would take it.
The downsizing of GM's blue-collar ranks comes shortly after the
auto maker began laying off salaried workers as part of a plan to
eliminate 10,000 white-collar jobs around the globe.
GM's moves are part of a restructuring plan outlined in the auto
maker's bid to secure up to $30 billion in low-interest U.S.
loans.
Shares of GM rose more than 8% in recent premarket trading
Thursday.
-By Jeff Bennett, Dow Jones Newswires; 248-204-5542;
jeff.bennett@dowjones.com