GM to Provide New Jobs to Most Workers Affected By November Cuts

Date : 01/11/2019 @ 3:07PM
Source : Dow Jones News
Stock : General Motors Company (GM)
Quote : 38.61  0.35 (0.91%) @ 1:00AM

GM to Provide New Jobs to Most Workers Affected By November Cuts

GM (NYSE:GM)
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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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