Delphi fka DPH

[CLIFF CHAMBERMAID]

GM TO CLOSE PLANTS

8:45am 11/21/05
GM to eliminate 30,000 manufacturing jobs in next 3 years (GM) By Michael Baron
NEW YORK (MarketWatch) -- General Motors (GM) Monday said it now plans to eliminate 30,000 manufacturing positions from 2005 through 2008 as part of an effort to reduce its assembly capacity in North America. It expects the staff reduction to come mostly through attrition and early retirees. The figure represents an increase of 5,000 jobs from its previous plan to cut 25,000 positions in the three-year period. The company expects to reduce capacity by an additional 1 million units by the end of 2008, bringing its target down to 4.2 million units, a level that would represent a 30% decrease from 2002 levels. The Dow component expects to record a "significant" restructuring charge in relation to this effort. GM lifted its target for structural cost reductions to $6 billion by the end of 2006 from a previously indicated level of $5 billion. It also is targeting an additional $1 billion in net material cost savings.