GM to close plants in Canada, Ohio, Maryland and MI
00:34, Nov 27, 2018
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"We started this transformation in 2015", Barra said in a conference call with reporters to announce the moves, "Now we're accelerating and picking up the pace". "To see this plant close is devastating".
Plants that will be "unallocated" in 2019 include Lordstown, as well as Detroit-Hamtramck in MI and Oshawa Assembly in Ontario, Canada.
She said the industry is changing rapidly and moving toward electric propulsion, autonomous vehicles and ride-sharing, and GM must adjust with it.
The US carmaker has also announced it will close three plants outside North America by the end of 2019. Co. reported a US$991 million profit during its third quarter, but said tariffs cost the company about US$1 billion.
The cuts go all the way to the top, as GM plans to cut a quarter of its executive team in an effort to streamline operations and maintain profitability. The company estimates that the cuts will save it $6 billion by the end of 2020.
John Henry, the mayor of Oshawa, said early on Monday on Twitter that he hadn't talked to GM yet, and that a meeting was scheduled to begin at 09:30 a.m. Ontario time between the management and workers.
Unifor, the union representing more than 2,500 workers at the Oshawa plant, said in a statement that it does not have complete details of Monday's announcement, but it has been informed that there is no product allocated to the Oshawa plant past December 2019.
Sources tell the Sun Ontario Premier Doug Ford will be commenting on the closure Monday.
The General Motors Canada office in Oshawa, Ont., is photographed on Wednesday, June 20, 2018. The Detroit carmaker then opened its own plant in 1953, with production boosted by the 1965 auto pact that allowed cars to be shipped more easily to the US market.
President Donald Trump said Monday he was pressuring General Motors over its decision to close four plants in the U.S. because of sagging demand for sedans. "We think it's appropriate to do it while company is strong and the economy is strong". Everyone would return to work on Tuesday, the union said. Some US workers would transfer to truck and SUV plants where GM is increasing output, the company said.
"They're gone; they're done". The company received billions of dollars in support from the Canadian and Ontario governments after the financial crisis. A condition of that loan was that GM would not reduce its manufacturing operations in Canada for six years.
GM jumped as much as 7.9 percent to US$38.75, the highest since July, as of 12:20 p.m.in NY trading.
The company expects to take a pretax charge of $3 billion to $3.8 billion due to the actions, including up to $1.8 billion of asset write downs and pension charges.
Too many GM factories are devoted to making slow-selling cars and the company can no longer afford to keep them all operating without making some tough decisions.
What's more, the Cruze plant just outside Youngtown is in a Democratic and labor stronghold, where Trump won over a surprising number of voters two years ago by reaching out to what he called America's "forgotten men and women".
According to GM, the Oshawa plant employed 2600 hourly employees and 300 on salary.
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