GM To Offer Buyout Program To 5,200 UAW Workers
Tuesday, December 18th 2007, 2:24 pm
By: News On 6
DETROIT (AP) _ General Motors Corp. is offering buyouts and retirement incentives to 5,200 hourly workers represented by the United Auto Workers.
GM would not reveal how many workers it expects to leave under the program, but said 5,200 are eligible, spokesman Dan Flores said Tuesday.
More than 34,000 GM workers left last year by way of retirement or buyouts, he said.
The program announced Tuesday will be offered to all UAW-represented hourly employees working at GM's service and parts and operations facilities across the country.
In addition, it also will be available to hourly employees at GM's Pittsburgh metal stamping plant; Massena, N.Y., casting plant; and to all hourly employees currently assigned to jobs banks in Oklahoma City; Linden, N.J.; and Rancho Cucamonga, Calif.
The second phase of the program is expected to be implemented in early 2008 and will involve UAW-represented hourly employees who work in GM's assembly, stamping, powertrain and engineering facilities.
``We continue to work closely with our UAW partners to improve our competitiveness in the currently challenging U.S. market conditions, while also investing in future products and technologies critical to support our leadership in fuel economy,'' GM Chairman and CEO Rick Wagoner said in a release.
GM shares rose 71 cents, or 2.7 %, to $27.10 in afternoon trading Tuesday.