GM Workers See No Reason To Celebrate 4th of July
The struggle to get out of the red continues for General Motors. According to the Detroit Free Press, more than a quarter of GM’s hourly workers are scheduled to leave by the summer due to recent buyouts and retirement offers. According to GM, 19,000 of the company’s 73,000 hourly workers have agreed to buyouts or retirement offers. The number of workers leaving is less than what GM had targeted. Originally it wanted to release 20,000 to 25,000 workers. GM has cut a total of about 53,000 hourly workers through buyouts during the last two years as part of a plan to cut $9 billion in costs. Workers are expected to leave by July. And recently, GM chairman and CEO Rick Wagoner has said that additional restructuring moves will have to be made (i.e., more cuts). Our take? Michigan continues to bleed.
You may or may not have known that Fiat, the Italian car manufacturer, owns the Alfa Romeo brand.