Word: gm
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...Even as GM braked, Toyota shifted into high gear. The Japanese firm announced an $800 million expansion that will nearly double the capacity of its two-year-old Georgetown, Ky., complex, which now produces 230,000 mid-size Camrys a year. Toyota said the expansion will increase the plant's work force of 3,450 by more than 40% when the new facility opens in 1993. Along with an expansion under way in Fremont, Calif., the move will double Toyota's annual U.S. plant capacity to 600,000 cars and trucks...
...that it was likely to report an operating loss for the fourth quarter, its first such deficit in four years. The world's largest auto company had operating income of $109 million in the third quarter before a $2.1 billion charge for plant closings pushed it into the red. GM attributed its latest problems to slack demand that has led the company to reduce its fourth-quarter car and truck production in the U.S. and Canada by nearly 17% compared with the same period a year...
...most startling report, however, came from General Motors. The world's largest industrial company announced a $1.9 billion loss for the period, the largest quarterly deficit in automotive history. The red ink includes the one- time $2.1 billion cost of a huge restructuring project. GM will permanently close four obsolete factories and temporarily shut down 19 of its 29 assembly plants in the next two months...
...action is part of GM's campaign to concentrate operations in its most efficient plants, most notably its new Saturn factory in Tennessee. "GM wants to begin the decade of the '90s with a clean slate," says Scott Merlis, an analyst with the investment firm Morgan Stanley. The automaker's latest downsizing, which will eliminate an estimated 20,000 jobs, drew no protest from the United Auto Workers. One reason is that the U.A.W.'s new contract with GM allows many workers who lose their jobs to get severance equal to as much as three years...
...give something back to their community settle for contributing money to a museum or joining the board of the town library. When Marge Schott decided to fulfill her civic duty, she invested in the local baseball team: the Cincinnati Reds. Schott, who had taken over her late husband's GM dealership, bought the club in 1984 for an estimated $11 million, and has become one of the game's highest profile owners. "It's really more than a 24-hour-a-day job," says Schott, 62. Nonetheless, she has managed to turn around the fortunes of the red-hot team...