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Layoffs Starting At GM: Will General Mills, & General Electric Be Next?

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  • Reynolds
    Moderator
    • Oct 2018
    • 3004

    Layoffs Starting At GM: Will General Mills, & General Electric Be Next?

    GM begins layoffs with 4,300 white-collar workers mostly in U.S.

    CBC News Feb 04, 2019



    General Motors began involuntary layoffs on Monday in Detroit, with about 4,300 white-collar workers among those affected across North America.

    I'am always leery when one of the big three 'G's' begin laying off workers.The American economy is holding up, but three of it's biggest companies are getting left behind - General Motors lost $1.5 billion in market value since its 2010. General Mills is grappling with a sales slump in North America. And General Electric's market cap is smaller than any time since the Great Recession.

    The automaker announced cuts in November, including the closure of its Oshawa, Ont., plant, in a move expected to save the GM billions of dollars and help it prepare for an expected slowdown of the U.S. automotive market during the next several years.

    The automaker says it has largely completed salaried job cuts in Canada, and most of those threatened with layoff here have accepted an incentive package to leave. The company said last October that it would offer buyouts to 18,000 workers with more than 12 years with the company across its North American operations as part of cost-cutting efforts.

    GM has a broader plan that will see three North American assembly plants and two component factories close by the end of 2019. The company says 2,200 white-collar employees took buyouts and 1,500 contract workers were let go.

    Many of the layoffs announced Monday will happen at GM's technical centre near Detroit. Most work on components for internal combustion engines and discontinued car models. Read more ...

    https://www.cbc.ca/news/business/gen...offs-1.5004900

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