35,000 GM employees to take buyout, retire
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Manufacturing News, Source : Industry Research Report US
Published : 29 Jun 2006 16:30
GM employees have made it easy on the Big 3 automaker. The company had as a goal to reduce its workforce by 30,000 by January 1 2007.
About 4,600 employees have accepted buyouts and 30,400 chose to retire, placing the company ahead of its schedule. CEO Rick Wagoner seemed relieved, remarking that the reduction will bring down GM's structural costs worldwide from about 34 percent of revenue to 25 percent.
Wagoner thanked the United Auto Workers union (UAW) for encouraging the move, but UAW President Ron Gettelfinger has made no bones about the Union's anger regarding US automakers and staff reductions, placing blame not on competition or economic downturns, but on management.
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