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April 30, 2009

Chrysler Files for Bankruptcy to Seal Fiat Accord

Filed under: auto,Chrysler — 7macaw @ 10:36 am
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Chrysler LLC, the automaker that survived a near-death experience in 1979, filed today for bankruptcy protection to streamline operations and shed debt in a reorganization that includes Italy’s Fiat SpA as a partner.

“Bankruptcy could do a lot of good for Chrysler” by allowing it to “shrink down to the size it needs” quickly, said Stephen Lubben, who teaches bankruptcy-law at Seton Hall University School of Law in Newark, New Jersey.

Source: Bloomberg

April 27, 2009

GM to cut 21,000 jobs, scrap Pontiac brand

Filed under: auto,GM — 7macaw @ 6:51 am
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General Motors Corp. will cut an additional 7,000 to 8,000 factory jobs in the United States, kill the Pontiac brand and shed 2,600 dealers by 2010 under a revised business plan developed with the Obama administration and announced today.

The new job cuts bring the total number of hourly jobs eliminated under GM’s plan to 21,000. GM said additional cuts among salaried workers would be expected, but did not give a specific target.

Source: Detroit Free Press

March 27, 2009

Johnson Controls to Close Ten Plants, Cut More Jobs

According to Reuters, CNBC: “Johnson Controls, the third-biggest auto parts supplier in North America, said it had completed two-thirds of its restructuring announced at the end of 2008, which included shutting 21 plants and reducing 9,300 jobs, or 7 percent of its global workforce.”

~News submitted by upthecreek

Buyouts at GM open door for hiring at lower wages

Filed under: auto,GM,US — 7macaw @ 6:51 am
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The 7,631 United Auto Workers who accepted early retirement and buyout offers this week from General Motors Corp. — more than 53 percent of whom work in Michigan — will make room for laid off workers to reclaim their jobs.

But GM likely will not be able to hire lesser-paid workers until the worst sales market in 27 years improves.

“We certainly hope to be able to realize some of that (savings) going forward, but clearly the evaporation in sales put a hold on that,” GM spokesman Tony Sapienza said. “When the dust settles, we’ll still have people laid off, but we’ll be able to bring a lot of laid off people back to work.

Source: The Detroit News

March 26, 2009

GM: 12 percent workers taking buyouts

General Motors Corp. said Thursday that 195 union workers at its Shreveport assembly plant accepted a buyout from the financially troubled auto giant.

The workers are among 7,500 workers nationwide who decided to take the deal, GM said. That represents about 12 percent of GM’s hourly work force represented by the United Auto Workers.

GM offered $20,000 cash and a $25,000 voucher to buy a car to all of its 62,400 hourly U.S. employees as part of an effort to further trim its blue-collar payroll.

Source: AP, Forbes

March 24, 2009

GM lays off 160 white-collar workers at Warren

Filed under: auto,GM,US — 7macaw @ 10:26 am
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General Motors Corp. began white-collar layoffs today, telling about 160 workers at the Warren Technical Center that their last day will be April 1.

The move is just the beginning of GM’s plans to cut 3,400 salaried jobs in the United States this year. Worldwide, GM plans to cut 47,000 workers by the end of the year.

Source: Detroit Free Press

March 2, 2009

Monaco Coach Lays Off Most of Work Force

According to Wall Street Journal: “Recreational-vehicle maker Monaco Coach Corp. gave termination notices Monday to the vast majority of its work forceabout 2,000 employees — and warned it may have to shut down if it can’t sell itself or get additional financing.”

February 27, 2009

Honda parts supplier cutting jobs at Indiana plant

According to AP, CNBC: “Nearly 200 jobs are being cut at a central Indiana factory that makes engine parts for Honda Motor Co.

Keihin Indiana Precision Technologies says the moves will take effect by April 10 and reduce the work force of its Greenfield plant by about 20 percent.

The division of Tokyo-based Keihin Corp. had in the past couple months accepted volunteers for temporary four- to eight-week layoffs and cut the jobs of about 100 temporary workers.”

~News submitted by upthecreek

February 18, 2009

GM to cut 47,000 jobs, close five more plants

General Motors Corp. plans to cut its work force by 47,000 this year and close five more U.S. plants under a viability plan it submitted to the U.S. Treasury on Tuesday as part of its effort to land between $9 billion and $12 billion more in federal loans.

The five plants the struggling automaker plans to close are in addition to the nine plants it previously said it planned to shutter.

GM also plans to reduce its dealerships from 6,246 in 2008 to 4,700 by 2012, and to 4,100 by 2014. Most of this reduction will take place in metro and suburban markets, GM said.

Source: Dayton Business Journal

Goodyear to slash 5,000 jobs

Goodyear Tire & Rubber (GT, Fortune 500), blaming low demand for its products as car sales wane, said the 5,000 job cuts slated for 2009 would be in addition to the 4,000 job cuts announced last year.”
Source: CNNMoney

February 17, 2009

Nearly 800 jobs axed at Delphi’s steering division

According to CNBC: “Nearly 800 jobs are being eliminated at the steering division of Delphi Corp. near Saginaw, Michigan.
The cuts are hitting 425 hourly workers and 350 employees who are on salary. The layoffs were announced Monday at the Delphi complex in Buena Vista Township and will kick in March 1.”
~News submitted by upthecreek

February 15, 2009

Mini expected to announce the loss of 850 jobs

About 850 job cuts and the end of week­end working at the Mini car plant near Oxford are expected to be announced tomorrow in the latest blow to Britain’s manufacturing.

The marque, owned by BMW of Germany, saw global sales accelerate slightly last year only to drop 35% in January. The Mini workers hit by the decision are contract staff with few employment rights – brought in to work alongside full-time employees on the production lines, which built 230,000 vehicles last year. However, the move to reduce output and cut 850 out of 4,500 employees will also affect dozens of supply firms and thousands of their staff who depend on Mini.

Source: The Guardian

February 10, 2009

GM To Cut Another 10,000 Salaried Jobs This Year

According to CNNMoney: “General Motors Corp. (GM) will cut 10,000 jobs worldwide, or 14% of its salaried work force, as downsizing underway for years in the U.S. spreads around the globe.”

“Some 3,400 U.S. workers, or 12% of GM’s U.S. salaried work force, will be shed as part of the reduction. Most of those remaining will see a 3% to 7% pay cut on that date through year-end, while executives will get a 10% reduction.”

~News submitted by upthecreek

Nissan to cut 20,000 jobs

According to Bloomberg: “Nissan Motor Co., Japan’s third- largest carmaker, rose the most in a month after the company said yesterday it would cut 20,000 jobs in an effort to return to profit.”

“The carmaker will slash labor costs in high-wage countries by 175 billion yen ($1.9 billion), or 20 percent, after forecasting its first loss in nine years. Nissan also plans to shift some domestic production overseas to counter a rising yen.”

February 9, 2009

Nissan to lay of 20,000 worldwide.

Filed under: auto,Japan,worldwide — 7macaw @ 6:55 am
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Nissan Motor Co said on Monday it would lay off 20,000 workers worldwide in the year from April 1.

The automaker also said it was cutting capital spending by 21 percent in the year to March 31 and would cut such outlays by a further 14 percent in the year from April.

Reuters

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