GM to lay off 2,000 workers at two U.S. plants due to slowing sales
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook/File Photo
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a 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
- Seagate Technology (STX) Appoints Mark Adams to Board of Directors
- France's Hollande criticizes protectionism as 'worst response'
- Mauritius prime minister resigns in favor of his son
Create E-mail Alert Related CategoriesCorporate News, Reuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!