On Monday morning, General Motors will apparently announce that it will close 14 factories by the end of 2010 in a bid to save cash as part of its restructuring. The plant closures come as little surprise, considering industry sales are way down and the Detroit automaker plans to jettison four brands by the end of 2010.
There’s little speculation as to what plants will be terminated, though expect the numbers to include stamping, component and assembly plants. Early reports indicate that four assembly plants will be closed.
According to the Associated Press, union chiefs have not been alerted as to which plants will be shuttered. The announcement will come from GM, not the UAW as has become common.
GM has already announced the closure of two of the 16 plants it said it would shut down: An engine plant in Massena, New York, and a stamping plant near Grand Rapids, Michigan.
05/28, 12:55 PM
posted by:
A4
…how many more plants do they have?
05/28, 12:59 PM
posted by:
CADDY-V
A4:
Not enough plants for people to see they employee a hell of a lot more people in this country than the J3 I guess?
05/28, 1:08 PM
posted by:
leftwingagenda
having lived in cleveland for several years i’m hoping the lordstown plant keeps goin’ full speed…i know there will be strife all across the midwest due to these plants closing, but cleveland doesn’t deserve more strife…apparently it was too much to ask for the cavs to get into the nba finals, so at least let ‘em keep the gm plant…
05/28, 1:08 PM
posted by:
DenverGuy217
will they have more than a handful left after these closures? Wow..
get ready for even more homes to go on the depressed market. sad…..
Hey Pelosi! How’s that M-Benz of yours running? Why don’t you trade it in for a Cadillac or Lincoln?
05/28, 1:14 PM
posted by:
johnnycanuck
I think that’s what people tend to lose sight of in all this mess is just how massive a corporation GM really is (was). Newsflash: the 60’s and their 50% market share were over a very long time ago. Didn’t anyone notice over the last 4 decades that maybe there was a little overcapacity in the system?
05/28, 1:20 PM
posted by:
Borat
Johnny, you think?
05/28, 1:41 PM
posted by:
gizmo2
In other words Jonny, they have dig themself a hell of a hole, and it’s going to be painfull climing out. Unfortunately not for the people who dig the hole by making bad decissions, but to society – taxpayers, workers, investors, etc. Fact is GM has to come down to real size based on market share and current econimic environment.
05/28, 2:29 PM
posted by:
JakeK66
True, JohnnyC, but it’s even more interesting when you consider GM is dwarfed by Oil companies when you look at their size in financial terms.
05/28, 3:09 PM
posted by:
leftwingagenda
yeah, jake, i think folks get their panties a little too twisted up over gm and the bailout considering it’s a small piece of the overall puzzle…it’s just a very public, grass roots, sort of piece…everybody sees their products on the road every day, unlike a citigroup or aig or lehman brothers…and the folks affected by the gm plant closings are more blue collar types, as opposed to the suits who drive away from failed financial companies in bmws and such with their white collars intact…(at least that’s the public perception)…
exxon is the biggest publicly traded company in the world, though, and made over 11 billion in proft in a single quarter recently…3 months…11 billion…they could fund a few GM bailouts per year at that rate and still not take a loss…that’s just an astounding amount of money…
05/28, 3:20 PM
posted by:
Borat
lefty, when you can’t beat them, join them. Leo Trotskies words, also before the ax. But really, buy Exxon stock, oil goes up again.
05/28, 3:40 PM
posted by:
MercMark
They had better be plants in Mexico and Canada.
Otherwise gimme back my TAX dollars bailout money!!!!
05/28, 6:22 PM
posted by:
leftwingagenda
i can pretty much guarantee exxon shares are going to be more stable for the next few months than gm shares…i tried to catch the falling knife with ford shares, i picked some up back around thanksgiving when ford was below 2 bucks a share…ford has been up over 6 since then, but now sits around 5 and a quarter…not a bad profit so far (and more profit than exxon shares), but bottom feeding on punished stocks like that can work both ways…
i tried pulling the same move with some gm shares and got promptly punched in the mouth, so i’m running with my tail between my legs right now…in that case, exxon would’ve been a better bet for sure!