GM To Sell Off Some Assets And Make More Cuts In Move For “Survival” - 07/16/08
15th July 2008
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Loading ...By Doug Cunningham
GM – America’s fourth largest company in annual sales – said Tuesday that it’s making more deep cuts to survive a harsh economy. GM jobs have gone from 107,000 hourly jobs in 2004 to 74,000. Buyouts and early retirement incentives will slash even more of those as some new workers are added at half the pay. The new cuts include selling off $4-7 billion in assets, slashing salaried jobs and benefits and suspending the GM stock dividend. GM CEO Rick Waggoner called this an “unprecedentedly difficult time”. He said these cuts are necessary for GM’s survival.