buyouts

According to Ford spokesman Mark Truby, "Despite a strengthening in our business, we still have a surplus in employees." Union employees to be specific. As such, Ford has just announced plans to reduce its unionized workforce by offering a buyout package to all 41,000 UAW members currently ...

Yesterday, General Motors announced plans for another round of buyouts. Initial reports said the automaker would offer workers 50 years of age and older $20,000 cash and another $25,000 voucher towards the purchase of a GM vehicle. However, the Associated Press is now reporting that GM will offer ...

General Motors reported its second quarter earnings this morning, and the news was predictably grim. The General lost $15.5B in the quarter, as the Detroit Automaker continues to struggle with brutal market conditions and the costs associated with strikes and downsizing. Among the losses is a $4B ...

Ford is hoping to continue the reduction of both the number of vehicles the automaker will produce and, correspondingly, its hourly blue-collar workforce. In order to make good with the UAW, the same buyout packages available last year are being extended to these unionized workers. The packages ...

More than one-fourth of GM's 74,000 hourly employees are going to grab the loot and skedaddle. Earlier this year, UAW President Ron Gettlefinger estimated that 15,000 would put their hands out, but another couple thousand decided to hop on the General's money train. The workers are expected to ...

General Motors announced today that approximately 19,000 hourly employees have opted to leave the automaker's ranks in exchange for a buyout offer and retirement incentives. The offer was extended to 74,000 UAW workers in an attempt to swap out highly paid long-termers with lower-paid new employees ...

Ford is making significant strides to turn its North American operations around. In 2006, it was able to cut almost 34,000 workers from its payroll after one round of buyouts and is looking to cut even more of its workforce this year through another payoff program that's being offered to 54,000 ...

Over 2006 and 2007, Ford lost $15.3 billion. Over that same time and in light of those losses, the company also shed 33,600 union workers through buyouts and early retirement. Still working through the uphill part of the turnaround, Ford has announced it wants to eliminate another 8,000 to 9,000 ...

Car sales in the US are down, which is bad news for everybody in the industry, but Chrysler is among the automakers struggling most. To adjust factory production to lower demand, the Pentastar was preparing to lay off up to 5,000 workers when it cut shifts at several plants. Instead, to keep good ...

The Detroit Free Press is reporting today that since Ford began offering buyouts and early retirement offers to its hourly employees last year, about 27,000 have accepted and left the company. Since the offer was made last October to hourly workers at all of Ford's plants in North America, about ...