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...deal, the price of which has not been disclosed, comes a day after GM filed for Chapter 11 bankruptcy protection. The U.S. automaker says the sale of Hummer, which GM valued at $500 million, should allow it to preserve more than 3,000 American jobs. Tengzhong says it plans to maintain Hummer's existing senior management team and will enter into long-term assembly and supply agreements with GM. (Read "China's Auto Bailout Takes a Different Route...
...While it's not part of the chief restructuring officer's job description, Koch will also be responsible for getting rid of a lot of very bad industrial karma. "The GM that many of you knew, the GM that let many of us down, is history," says Henderson...
Willow Run, almost on the edge of Ann Arbor, Mich., was built not by GM but by Ford, opening in April 1942. From the start, its job was to turn out B-24 bombers, the workhorse of the U.S. Army Air Force's strategic campaigns in World War II, unaffectionately known to its crews as "the flying shithouse." The plant took a while to get going. There was a shortage of local labor, which meant that workers had to be imported from Appalachia (Ypsilanti, a local town, became known as "Ypsitucky"). Mosquitoes plagued the site until Henry Ford imported...
Willow Run is always trotted out as Exhibit A in the transformation of lower Michigan into the world's arsenal of democracy. It's a great story, and it's a true one; in 1942, GM took just two months to convert its Cadillac assembly line to one that could turn out tanks. The University of Michigan at Ann Arbor buzzed with boffins working on government contracts, and in 1948, the campus had 21,000 students enrolled - or a fifth of the total number of students at every university in France. Two years earlier, a veteran editor of the Detroit...
...Detroit's golden age was very short-lived. Willow Run was never a massive success in peacetime. Henry Kaiser, who wanted to rival the Big Three, bought the plant, and in 1947 he employed 15,000 people there. But by 1953, when the plant was sold to GM, the number had dropped to 3,000. The city was already on its way to being the epitome of the Rust Belt basket case. In 1950, Detroit had a population of nearly 1.85 million; by 1990, it had fallen to just over 1 million...