General Motors to cut 25,000 jobs
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Manufacturing News, Source : TheManufacturer.com
Published : 07 Jun 2005 16:56
General Motors Chairman and CEO Rick Wagoner said that GM plans to cut 25,000 or more jobs between 2005 and 2008 at plants in the United States, as he addressed shareholders today.
Wagoner also said that the company would close down several plants during that period. The company expects these capacity and employment actions will generate annual savings of about $2.5 billion.
“I appreciate your patience and your support in our plan to get GM North America back on track,” said Wagoner. “We have some serious challenges to address, but we also have a solid base to build off. We've got a clear focus on the necessary steps to get GM North America back to profitability as soon as possible, and we are addressing them with intense focus and a great sense of urgency.”
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