General Motors announces major restructuring of business: Closing plants, cutting 15% of salaried workers 

News

General Motors is expected to make a major announcement Monday that could affect its historic assembly plant in Oshawa, Ontario

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

General Motors announced Monday a major restructuring of its global business, shutting at least three production facilities in North America and slashing its staff.

The moves are the first big steps in the century-old GM’s transformation. It is closing facilities and reinvesting money away from cars that once dominated roadways and to technology that the company believes will power its future.

“These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle,” CEO Mary Barra said.

GM (GM) said it reduce its salaried workforce by 15%, including a quarter of the company’s executives.

Trademark and Copyright 2020 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Latest News

More News

National News

More National

Washington D.C.

More Washington DC

Your Local Election HQ

More Your Local Election HQ

Latest News

More News

Popular

KFOR Podcasts

More Podcasts

Follow @KFOR on Twitter