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GM Generali

23.36
-0.12 (-0.51%)
14:24:42 - Realtime Data
Share Name Share Symbol Market Type
Generali AQEU:GM Aquis Europe Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.12 -0.51% 23.36 23.36 23.37 23.40 23.07 23.31 126,955 14:24:42

GM To Shut Plants For Up To Nine Weeks This Summer - Report

23/04/2009 2:07am

Dow Jones News


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WASHINGTON (AFP)--Troubled U.S. auto giant General Motors plans to close some of its U.S. plants for up to nine weeks this summer in a cost-cutting measure to counter slumping sales, the Detroit News reported Wednesday.

The embattled auto firm, which has been given $13.4 billion by the U.S. government, is set to shutter the plants as part of a bid to reduce production by around 170,000 vehicles this year.

An announcement is expected Friday the paper said.

GM spokesman Chris Lee said the company would first announce any closures to staff, but refused to say whether it had plans to do so, describing the reports as "speculative."

"We have made not made any down-working announcements," he said.

Auto workers union representatives were not immediately available for comment.

The news come after the U.S. government on Tuesday agreed to lend a further $5 billion to GM as it works on a long-term viability plan.

President Barack Obama's administration has given GM until June 1 to present an aggressive restructuring plan, after the government rejected its previous proposals in late March.

The firm has said it wants to avoid filing for bankruptcy protection, but is preparing for it nevertheless.

The automakers has also announced it will slash 1,600 white collar jobs by May 1.

 
 

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