GM offers buyouts to close Ohio plant
October 18th, 2008 | by admin |DETROIT (Reuters) – General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) will pay $1.6 billion into a health-care trust for retirees and offer buyouts of up to $140,000 to union-represented factory workers in exchange for an agreement to close an SUV plant in Ohio by the end of the year.
GM confirmed it had reached a tentative agreement with the IUE-CWA union over terms for closing its Moraine, Ohio, plant where it builds the Chevy TrailBlazer and GMC Envoy.
A union local in Moraine posted details of the closing agreement on its website ahead of a ratification vote by the 1,500 GM workers it represents.
A ratification vote is scheduled for Tuesday and Wednesday.