47,600 At GM & Delphi Agree to Buyouts

[4gm]

Wow! 47,600 buyouts

Deal speeds up GM turnaround by 2 years; Delphi exodus paves way for restructuring.

Bill Vlasic / The Detroit News

DETROIT -- More than 47,000 union workers at General Motors Corp. and bankrupt Delphi Corp. have taken buyouts or early retirements in what amounts to the biggest corporate downsizing in U.S. automotive history.

GM said Monday that 35,000 hourly employees have agreed to leave the struggling automaker for packages ranging from $35,000 to $140,000 -- which will allow the company to reach its target reduction of 30,000 hourly jobs by Jan. 1, two years early.

The final tally of buyouts and early retirements far exceeds early estimates and lays the groundwork for a sweeping restructuring of GM's U.S. manufacturing operations.

"It's fair to say we're coming very rapidly on the road back," said GM Chairman and CEO Rick Wagoner at a news conference at GM's Detroit headquarters.

At Delphi, another 12,600 union members have elected to retire early, paving the way for a radical restructuring of the parts maker's U.S. operations.

more at link...

http://www.detnews.com/apps/pbcs.dll/artic.../606270365/1148

Edited June 27, 2006 by 4gm

[Shantanu]

I wonder which plants they will close.

[NOS2006]

Wait.. GM was hoping for 30,000 to take the offer by 01/01/08 and 47,600 already took it? That's crazy! GM's doing what they need to do to get back in business.

My mom and I went to breakfast this morning. Walking in, I pointed at the newspaper stands that held the "47,600 Buyouts" headlines, "Yep, I told you GM knows what they're doing." I swear, it's weekly that I'm bitching that she doesn't understand the industry because she says stuff that isn't true.. just like the others that start buying Toyota, Honda, etc. I'm just keeping her in touch.