GM to lay off 2,000 workers at two U.S. plants due to slowing sales

November 9, 2016 12:11 PM EST

The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo


Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.

(Reuters) - General Motors Co plans to lay off 2,000 employees at two U.S. auto plants in early 2017, the automaker said on Wednesday.

GM said it will furlough the employees when it cuts the third shift at its Lordstown, Ohio and Lansing, Michigan plants in mid-January.

The Lordstown plant builds the compact Chevrolet Cruze, whose U.S. sales through October were down 20 percent. The Lansing Grand River plant builds the Cadillac ATS and CTS, whose sales were down 17 percent through October.

GM also said it will invest $211 million at the Lansing plant for an unspecified "new product program." The company also will invest $668 million in its Toledo transmission plant for a new generation of transmissions.

(Reporting by Paul Lienert in Detroit; Editing by Chris Reese)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Corporate News, Reuters

Add Your Comment