GM to Provide New Jobs to Most Workers Affected By November Cuts
January 11 2019 - 10:07AM
Dow Jones News
By Chris Wack
General Motors Co. (GM) said continued growth of crossovers and
trucks has enabled the company to provide about 2,700 positions to
the 2,800 active hourly workers affected by its plans to cut 15% of
its salaried workers and shut five plants.
In November, the auto maker said it expects to realize about $6
billion in cash savings by year-end 2020.
On Friday, the auto maker said in a release that the actions are
being taken while the industry and economy remain strong.
GM also said that in order to fund immediate transformation
costs and provide additional financial flexibility, the company
plans to secure a $3 billion revolving credit facility.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 11, 2019 09:52 ET (14:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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