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November 21, 2005
GM to Close Nine Plants, Lay Off 30,000
Detroit - General Motors Corp. (GM) will eliminate 30,000 manufacturing jobs and close nine North American assembly, stamping and powertrain plants by 2008 as part of an effort to get production in line with demand.
(story continued here)
How awful. Granted, it's over a period of several years but 30,000? I am surprised that the GM plant in north Jersey wasn't on the list. Further in the news story, it does mention an unidentified site that is also slated to close. GM is in serious trouble.
Posted by Cate at November 21, 2005 09:37 AM
Comments
Three plants alone in Michigan! Hate to say it, but from here, all of the big three are tanking.
Posted by: Theresa at November 21, 2005 10:24 AM
This is what happens when brain-dead hysterial eco-imperialists attack the automobile as one of mankind's most evil invention, people's lives are ruined forever. Of course, the blame will be place entirely upon the job-generating capitalist for not caring about socialist serfdom utopia.
Posted by: susan at November 21, 2005 11:45 AM
Well as a stockholder in GM, I will say that it does appear to be in trouble... BUT you have to look at the picture in whole form to really see what's going on. When Delphi split from GM one of the provisions was the GM would pay retirement and some other things for some. Delphi has since went belly up and GM is now expected to payoff the retirement accounts before they had counted on. Plus in 2001 GM overstated earnings in an accounting error and the SEC is investigating, With Delphi going bankrupt and some union disagreements regarding that and other things the press and business experts (socalled) have been going on full steam ahead with how GM is on the verge of being bankrupt itself thus causing panic and the selling off of stock whihc sent GM stock to an 18 year low thus renforcing the panic.
They are having trouble, yes, but they are trying to get out of it. 30K sounds horrible I know and it is... but if the choices are 30k or all then I think 30k would be the better choice.
I just hope they offer some form of help to those who will be out of their jobs.
Posted by: Kari Holtz at November 21, 2005 12:21 PM
I to am a GM stockholder and have watched the fiasco with Delphi. Top executives of GM knew early on about Delphi but did nothing to ease the looming outlay of funds. GM is in trouble and I agree 30K is a substantial loss in personnel.
My largest beef is with companies that outsource to foreign companies, i.e., China, Taiwan, Mexico, etc. Nevertheless, we as Americans are also at fault because we allow this practice politically and by our own purchases of these products. This all means a loss to American jobs.
Posted by: Edd at November 22, 2005 01:01 AM
