clock menu more-arrow no yes

Filed under:

Restructuring summary for General Motors

WHAT HAPPENED: General Motors will cut 30,000 hourly jobs and close 12 facilities by 2008.

WHY: GM is getting hammered by declining sales and rising health-care costs and lost nearly $4 billion in the first nine months of 2005.

WHAT'S NEXT: GM will need to finalize the plant closures with the United Auto Workers and other unions. The company will offer early-retirement buyouts to some workers, but the details — including a timetable — haven't been decided.