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Big Loss - USA - GM Announces $15B Health Care Deal
Union Members Must Approve Pact
DETROIT,Mich,USA -The WGAL channel --Oct 17, 2005: -- General Motors has announced a tentative pact with the United Auto Workers aimed at saving on health care costs, which have been a major drag on its operations... Company chairman and CEO Rick Wagoner said the deal will help GM save $15 billion -- or 25 percent -- on costs for retirees and another $3 billion a year for employees... The agreement is pending approval by workers... GM has been under growing financial pressure because of rising health care costs and slumping sales. Monday morning it reported a quarterly loss of $1.6 billion... Wagoner also said the company is on track to cut 25,000 manufacturing jobs by 2008, a goal that was announced earlier this year...
posted by Unknown @ 12:50 PM
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