GM Posts Record Loss for 2007, Offers buyouts to 74,000
February 12, 2008 | 11:39 am | by t-blender |Rate It:
laTimes.com: DETROIT — General Motors Corp. reported a $38.7 billion loss for 2007 today, the largest annual loss ever for an automotive company, and said it is making a new round of buyout offers to U.S. hourly workers in hopes of replacing some of them with lower-paid help.
The earnings report and buyout offer came as GM struggles to turn around its North American business as the economy weakens.
But GM Chairman and Chief Executive Rick Wagoner said that the company made significant progress in 2007, reducing structural costs in North America, negotiating a historic labor agreement and growing aggressively in Latin America and Asia.
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