Chrysler exceeds worker buyouts target
6,400 apply for early retirement — restructuring plan called for 4,700
LIVE QUOTE |
Quotes delayed 15+ min. |
Interactive |
10 cars we loved to hate Some cars are so well-designed that they are almost art. These aren't. Here are 10 cars from the past 50 years that redefined the word 'ugly.' |
Latest interest rates |
See today's average mortgage rates across the country.
See today's average home equity rates across the country.
See today's savings rates across the country.
See today's average auto rates across the country.
|
AUBURN HILLS, Mich. - Chrysler Group is trying to figure out how to handle a higher-than-expected acceptance rate on buyout and early retirement offers, which were made earlier this year to reduce the automaker's hourly work force.
About 6,400 U.S. workers have signed up for the offers, part of the company's three-year restructuring plan announced Feb. 14. The plan was designed to reduce the number of U.S. production workers by 4,700 this year.
The company wants to cut 11,000 hourly workers in the U.S. and Canada and an additional 2,000 salaried jobs by 2009 in an effort to trim costs.
Chrysler spokeswoman Michele Tinson said Friday the company is working with the employees and the United Auto Workers to accommodate as many requests as possible, but it may not be able to honor all the requests because it has to keep factories running.
The Detroit Free Press on Friday quoted analysts as saying that the take rate was boosted by uncertainty over last month's sale of 80.1 percent of Chrysler Group by DaimlerChrysler AG to Cerberus Capital Management LP.
The job cuts target 11 plants in Michigan, Ohio and Indiana. Most of the plants make components for or assemble slower-selling mid-sized sport utility vehicles, pickup trucks and other large vehicles. Chrysler plans to cut production on these vehicles through 2009.
- Discuss Story On Newsvine
-
Rate Story:
View popularLowHigh - Instant Message
MORE FROM AUTOS |
| Add Autos headlines to your news reader: |
Sponsored links
Open an Account Online Today! $7 Trades & Powerful Trading Tools.
www.scottrade.com
Resource guide


