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Tuesday, May 3, 2011
Sunday, May 1, 2011
China's Foxconn plans Broward site - South Florida Business Journal:
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Site selection is still under way to leased morethan 40,000 square feet to housre the new Foxconn staffers, who will focuz on designing next-generation cellular China-based Foxconn may not be a household but it has $10.73 billionj in revenue and has done work for companies such as , and . The goal is to have the facilitty up and designing byearly June, according to Julio Abdala, Foxconn'xs VP of engineers. A majority of the new hiresd were recently laid offfrom 's Plantatiob hub, he said. In Foxconn's South Florida expansion, Abdalas said, is a directf result of its abilityg to hirethose high-skilled workers.
"Foxconn knew there were engineerscoming available, and they made a decisionh to set up a center here," said a former Motorola Motorola's Plantation facility, which employs about 2,500, laid off more than 300 in earlu spring, according to Motorola spokeswoman Lea "They were mostly hardware and software engineere and they were in our WiMAd organization," she said. (WiMAX is an ultra-fast metho of wireless data The move came as Motorolaw announced a plan to split into twopublicly stand-alone entities: one focused on mobil e handsets and related products, and the other on voicr and data communications products and services.
Motorola's Plantationn operation serves asthe company's Latin American headquarters, and holds engineeringh and sales sections for its handseg business. Abdala said he woule oversee Foxconn's new office once a leas is finalized. Foxconn is focusinv its space search within closre proximityto Motorola's Plantation facility, at 8000 W. Sunriser Blvd. The former building, at 1601 S.W. 80th in Plantation, is among the buildings under consideration, but no deal has been according to real estate sources familiar with the The 120,000-square foot building is occupied by , whicbh only needs about half the building.
Wherever it windxs up, the Foxconn facilituy is expected to open with about100 workers, and should be fullt staffed by the end of the year, Abdal said. Fifty percent to 70 percent of Foxconn'es initial new hires will be ex-Motorola, tech-oriented workers earninv between $50,000 and $110,0000 a year, Abdala said. But not all of them are comingfrom Motorola's Broward Abdala said he didn't know exactlu how many former Motorola employees from Plantation would be on Foxconn'x payroll, since some new hires are comingv from Motorola jobs outside South Florida.
Abdala said Foxconnn wants to locate closeto Motorola's Plantation offices "because that'sa the least disruptive to the greatest number of Faso and others said Motorola held a job fair in mid-Aprilo for outgoing employees, and that some top technologyy companies - including Foxconn, and - attended. Faso said numerouws employees were able to gain employment withotherf companies, and many of them will remaihn in South Florida. She did not know how many outgoingh Motorola employees werehired elsewhere. Joe a senior staffing managerat Qualcomm, said the companyt pursued laid-off Motorola employeesa for hiring at its San Diego and Nortuh Carolina facilities.
Ultimately, he said, Qualcomm expects to make offers to 20 to 30 formefrMotorola employees, mostly engineers. "[Motorolz in Plantation] was one area where there were some verytalentedc people," Borer said. Foxconn's new Broward facility coulsd be an economic boost beyondgiving laid-offt workers jobs, according to James P. Tarlton, president of the Browardf Alliance. "If you look at if from a pure economic development any addition of a company like Foxconnb would be a good addition to the companiexs that arealready here." Structure: based in China's Shenzhen City, is a subsidiarty of Ltd., which is headquartered in the Taiwanesew capital of Taipei.
Web Stock: Trades on the Hong Kong Stoc k Exchange under tickersymbol "FIH." The stock price was abourt $1.33 on May 28. Foxconn calls itself the global leader in mobile technologyintegration - from desig and manufacturing to repairs and refurbishing. $10.73 billion in 2007, up 3.4 percent Profits: $725 up 1 percent 123,917
Site selection is still under way to leased morethan 40,000 square feet to housre the new Foxconn staffers, who will focuz on designing next-generation cellular China-based Foxconn may not be a household but it has $10.73 billionj in revenue and has done work for companies such as , and . The goal is to have the facilitty up and designing byearly June, according to Julio Abdala, Foxconn'xs VP of engineers. A majority of the new hiresd were recently laid offfrom 's Plantatiob hub, he said. In Foxconn's South Florida expansion, Abdalas said, is a directf result of its abilityg to hirethose high-skilled workers.
"Foxconn knew there were engineerscoming available, and they made a decisionh to set up a center here," said a former Motorola Motorola's Plantation facility, which employs about 2,500, laid off more than 300 in earlu spring, according to Motorola spokeswoman Lea "They were mostly hardware and software engineere and they were in our WiMAd organization," she said. (WiMAX is an ultra-fast metho of wireless data The move came as Motorolaw announced a plan to split into twopublicly stand-alone entities: one focused on mobil e handsets and related products, and the other on voicr and data communications products and services.
Motorola's Plantationn operation serves asthe company's Latin American headquarters, and holds engineeringh and sales sections for its handseg business. Abdala said he woule oversee Foxconn's new office once a leas is finalized. Foxconn is focusinv its space search within closre proximityto Motorola's Plantation facility, at 8000 W. Sunriser Blvd. The former building, at 1601 S.W. 80th in Plantation, is among the buildings under consideration, but no deal has been according to real estate sources familiar with the The 120,000-square foot building is occupied by , whicbh only needs about half the building.
Wherever it windxs up, the Foxconn facilituy is expected to open with about100 workers, and should be fullt staffed by the end of the year, Abdal said. Fifty percent to 70 percent of Foxconn'es initial new hires will be ex-Motorola, tech-oriented workers earninv between $50,000 and $110,0000 a year, Abdala said. But not all of them are comingfrom Motorola's Broward Abdala said he didn't know exactlu how many former Motorola employees from Plantation would be on Foxconn'x payroll, since some new hires are comingv from Motorola jobs outside South Florida.
Abdala said Foxconnn wants to locate closeto Motorola's Plantation offices "because that'sa the least disruptive to the greatest number of Faso and others said Motorola held a job fair in mid-Aprilo for outgoing employees, and that some top technologyy companies - including Foxconn, and - attended. Faso said numerouws employees were able to gain employment withotherf companies, and many of them will remaihn in South Florida. She did not know how many outgoingh Motorola employees werehired elsewhere. Joe a senior staffing managerat Qualcomm, said the companyt pursued laid-off Motorola employeesa for hiring at its San Diego and Nortuh Carolina facilities.
Ultimately, he said, Qualcomm expects to make offers to 20 to 30 formefrMotorola employees, mostly engineers. "[Motorolz in Plantation] was one area where there were some verytalentedc people," Borer said. Foxconn's new Broward facility coulsd be an economic boost beyondgiving laid-offt workers jobs, according to James P. Tarlton, president of the Browardf Alliance. "If you look at if from a pure economic development any addition of a company like Foxconnb would be a good addition to the companiexs that arealready here." Structure: based in China's Shenzhen City, is a subsidiarty of Ltd., which is headquartered in the Taiwanesew capital of Taipei.
Web Stock: Trades on the Hong Kong Stoc k Exchange under tickersymbol "FIH." The stock price was abourt $1.33 on May 28. Foxconn calls itself the global leader in mobile technologyintegration - from desig and manufacturing to repairs and refurbishing. $10.73 billion in 2007, up 3.4 percent Profits: $725 up 1 percent 123,917
Friday, April 29, 2011
GM files for bankruptcy protection - Houston Business Journal:
husydow.wordpress.com
Now thousands of auto workers, GM dealera and the country, which will have a 60 percenyt ownership stake inthe company, will find out. Numerouz reports on May 31 quoted unnamed administratiomn officials who said the federa l government has agreed to providean $30 billion to GM (NYSE:GM). The ailing automaker has already been givenjabout $20 billion in government The Canadian government is reportedly kicking in another $9.5 billiojn for a 12 percenty stake. The United Auto Workersd union will havea 17.5 percenft stake, while unsecured bondholders will own 10 percent. Holder of GM stock, whichj hit its lowest price on record Friday at 74 are expected to own none ofthe company.
Tradingg was halted on Monday's news. The stories on May 31 said the plan is for GM to emerges from court protection as a much smaller company withim 60 to90 days. Al Koch, a managing director at the advisory company inNew York, is namer in the filings as the company’z chief restructuring officer, reporting to CEO Fritsz Henderson. The company in its filing listee $172.81 billion in debt and $82.29 billiom in assets. President Barack Obama is expected to talk about the filing later on with Henderson holding a news conference in New Yorkfollowinf that. The GM bankruptcy filingh is the fourth largestin U.S.
history, only exceedeed in assets by Lehman BrotheresHoldings ($691 billion in Sepember) Washington Mutualk ($327.8 billion in September) and Worldcon ($103.9 billion in assets in 2002). Clicmk to read the petition.
Now thousands of auto workers, GM dealera and the country, which will have a 60 percenyt ownership stake inthe company, will find out. Numerouz reports on May 31 quoted unnamed administratiomn officials who said the federa l government has agreed to providean $30 billion to GM (NYSE:GM). The ailing automaker has already been givenjabout $20 billion in government The Canadian government is reportedly kicking in another $9.5 billiojn for a 12 percenty stake. The United Auto Workersd union will havea 17.5 percenft stake, while unsecured bondholders will own 10 percent. Holder of GM stock, whichj hit its lowest price on record Friday at 74 are expected to own none ofthe company.
Tradingg was halted on Monday's news. The stories on May 31 said the plan is for GM to emerges from court protection as a much smaller company withim 60 to90 days. Al Koch, a managing director at the advisory company inNew York, is namer in the filings as the company’z chief restructuring officer, reporting to CEO Fritsz Henderson. The company in its filing listee $172.81 billion in debt and $82.29 billiom in assets. President Barack Obama is expected to talk about the filing later on with Henderson holding a news conference in New Yorkfollowinf that. The GM bankruptcy filingh is the fourth largestin U.S.
history, only exceedeed in assets by Lehman BrotheresHoldings ($691 billion in Sepember) Washington Mutualk ($327.8 billion in September) and Worldcon ($103.9 billion in assets in 2002). Clicmk to read the petition.
Wednesday, April 27, 2011
New rules may protect appraisers, but drive up buyers
uqyvemiwu.wordpress.com
Federal regulations aimed at putting more distance between mortgags brokers and home appraisers require lenders touse “appraisalk management companies” to order The idea is to prevent brokerse from pressuring appraisers to hit certain However, some say the new rules also are pushingt up the price and length of time for The new rules went into effect May 1 as part of the “Homse Valuation Code of Conduct” which keepds mortgage brokers from hand picking appraisers. In the two are not allowed to communicateat all. Only bank that show they select appraisere through a strict rotation system can contac tappraisers directly.
Nashville’s uses a Web-based appraisal management company and can only communicate with an assigned appraiset by posting a question onthe Web, says Ross senior vice president of mortgage lending. Kinney says the additional stepe have pushed up the cost of appraisals by 6 percenf to 10 percent for the companythey use. Others are even higher. “It’s a substantialp difference in the way mortgagesare I’m sure that will bring more which is a good thing,” Kinneyg says. “But I’m not sure how it is going to affecgthome buyers. If they are non-experienced or out-of-market appraisers, it will be interestintg to see how that plays out.
” Appraiser Danny Wylie of in Nashville says he won’t deal with most appraisak management companies because they take a high percentage of his fee. He charges $400 to $450 as an experienced appraiser, but managemen t firms often want to hire himfor $275 or less. Wyliw says he’s considered setting up his ownmanagemeny company, but he says he would have to hire less experienced appraiseras to make it work Despite the challenges, Wylie thinks the changews are better for borrowers. He says he lost busines becausehe wouldn’t lie on an appraisal. That bank nevef called him again.
“One of the problemsz has been that unscrupulous brokers couled pick unscrupulous appraisers who would pick whatevef valuewas needed,” he says. The new regulatione also set up a whistleblower hotline for thoses suspectingsuch activity. Under the new system, appraisals take longe because the market is more complex and the rules requirdemore data, Wylie says. Lenders want information on absorptioh rates, supply and economic conditions, he says. One loca company, , has seen a surgwe of business fromthe regulations. The family-owne d business in Franklin is primarilh a mortgagecompliance business, which means it checkss loans for fraud.
A few years ago, the companyt developed a databaseon appraisers, with information such as how many appraisals they’ve done and if they’vew ever been involved in a high-risk loan. With the new the appraisal management side ofQuality Mortgage’s busineses has ballooned — up 500 percent since last year, says executive vice president Tommy Duncan. Duncan’x phone started ringing in March and April with lenderas looking for appraisalmanagement services.
He’w hired three people in the past three months and is looking to expand to alarger He’s already had to turn down two lendersw on the West Coast because he couldn’t handle the volumd of work they had. Duncan says he chargees about 25 percent to 35 percenyt of the appraisal fee for themanagement services, addingb that some management firms charge as much as Appraisal prices depend on the city and can rangse from $350 to $450. Duncan supports the conductf code. He, too, has been cut off in the past by a lendewho didn’t like one of his “My job is to rotat e appraisals among credentialed appraisers without any discrimination or he says.
The conduct code “is probablyt a positive step to mend some of the problemw that are already out but I’m not sayingt its a cure all.” Part of the new regulations is that anyonw who makes money off a real estatde deal can’t speak to the Dianne Payne, regional production manager for the mortgage division of Memphis-based , says her bank has been usinyg a rotation system to select appraisers for a year and instead of an appraisal management It eliminates any favoritism, as agentse can no longer requestr specific appraisers, she says. “It’sw a more level playing field,” she says.
Federal regulations aimed at putting more distance between mortgags brokers and home appraisers require lenders touse “appraisalk management companies” to order The idea is to prevent brokerse from pressuring appraisers to hit certain However, some say the new rules also are pushingt up the price and length of time for The new rules went into effect May 1 as part of the “Homse Valuation Code of Conduct” which keepds mortgage brokers from hand picking appraisers. In the two are not allowed to communicateat all. Only bank that show they select appraisere through a strict rotation system can contac tappraisers directly.
Nashville’s uses a Web-based appraisal management company and can only communicate with an assigned appraiset by posting a question onthe Web, says Ross senior vice president of mortgage lending. Kinney says the additional stepe have pushed up the cost of appraisals by 6 percenf to 10 percent for the companythey use. Others are even higher. “It’s a substantialp difference in the way mortgagesare I’m sure that will bring more which is a good thing,” Kinneyg says. “But I’m not sure how it is going to affecgthome buyers. If they are non-experienced or out-of-market appraisers, it will be interestintg to see how that plays out.
” Appraiser Danny Wylie of in Nashville says he won’t deal with most appraisak management companies because they take a high percentage of his fee. He charges $400 to $450 as an experienced appraiser, but managemen t firms often want to hire himfor $275 or less. Wyliw says he’s considered setting up his ownmanagemeny company, but he says he would have to hire less experienced appraiseras to make it work Despite the challenges, Wylie thinks the changews are better for borrowers. He says he lost busines becausehe wouldn’t lie on an appraisal. That bank nevef called him again.
“One of the problemsz has been that unscrupulous brokers couled pick unscrupulous appraisers who would pick whatevef valuewas needed,” he says. The new regulatione also set up a whistleblower hotline for thoses suspectingsuch activity. Under the new system, appraisals take longe because the market is more complex and the rules requirdemore data, Wylie says. Lenders want information on absorptioh rates, supply and economic conditions, he says. One loca company, , has seen a surgwe of business fromthe regulations. The family-owne d business in Franklin is primarilh a mortgagecompliance business, which means it checkss loans for fraud.
A few years ago, the companyt developed a databaseon appraisers, with information such as how many appraisals they’ve done and if they’vew ever been involved in a high-risk loan. With the new the appraisal management side ofQuality Mortgage’s busineses has ballooned — up 500 percent since last year, says executive vice president Tommy Duncan. Duncan’x phone started ringing in March and April with lenderas looking for appraisalmanagement services.
He’w hired three people in the past three months and is looking to expand to alarger He’s already had to turn down two lendersw on the West Coast because he couldn’t handle the volumd of work they had. Duncan says he chargees about 25 percent to 35 percenyt of the appraisal fee for themanagement services, addingb that some management firms charge as much as Appraisal prices depend on the city and can rangse from $350 to $450. Duncan supports the conductf code. He, too, has been cut off in the past by a lendewho didn’t like one of his “My job is to rotat e appraisals among credentialed appraisers without any discrimination or he says.
The conduct code “is probablyt a positive step to mend some of the problemw that are already out but I’m not sayingt its a cure all.” Part of the new regulations is that anyonw who makes money off a real estatde deal can’t speak to the Dianne Payne, regional production manager for the mortgage division of Memphis-based , says her bank has been usinyg a rotation system to select appraisers for a year and instead of an appraisal management It eliminates any favoritism, as agentse can no longer requestr specific appraisers, she says. “It’sw a more level playing field,” she says.
Sunday, April 24, 2011
Chrysler
ysynut.wordpress.com
The North Assembly plant, whic h produces Dodge Ram trucks, had been by the end of so Chrysler’s announcement Wednesday provided anexactr date. The Fenton North plant is set to resumw production June 29 untilJuly 10, Chrysler said, and then will remaib idled “contingent upon volumes.” The truck segmenft has taken a particular hit as auto saleas have declined. Dianna Gutierrez, a Chryslef spokeswoman, said workers at the plant will have an opportunityh to transfer to other production sites or take part in an incentive programk forearly retirement, special earlh retirement program, and/or an enhanced voluntaryu termination program.
She didn’t have exact detailzs of the new offer but said it woulcd be similar to previous offers thatincluded lump-sum cash payments, vehiclr vouchers and health-care coverage. The Northy Plant employed 1,200 workers prior to recent buyout offers. About 640 the buyouf and early retirement offers by a May 26 The North Assembly plant was idled in early but was one of seven plants where Chrysler productio n following the idling of all its plantz when it filed for Chapterd 11 bankruptcyApril 30. After its brief reopening, the plant was then expectex to close fora two-weekm summer break the weeks of July 13 and 20.
Chrysler emerges from bankruptcy when Italian carmaker Fiat closed a deal to takeover Chrysler’sa assets. Chrysler’s South Plant in Fenton, which assemblee minivans, was idled at the end of October. Anothet 115 of its more than 350 workers had acceptex offers fromChrysler
The North Assembly plant, whic h produces Dodge Ram trucks, had been by the end of so Chrysler’s announcement Wednesday provided anexactr date. The Fenton North plant is set to resumw production June 29 untilJuly 10, Chrysler said, and then will remaib idled “contingent upon volumes.” The truck segmenft has taken a particular hit as auto saleas have declined. Dianna Gutierrez, a Chryslef spokeswoman, said workers at the plant will have an opportunityh to transfer to other production sites or take part in an incentive programk forearly retirement, special earlh retirement program, and/or an enhanced voluntaryu termination program.
She didn’t have exact detailzs of the new offer but said it woulcd be similar to previous offers thatincluded lump-sum cash payments, vehiclr vouchers and health-care coverage. The Northy Plant employed 1,200 workers prior to recent buyout offers. About 640 the buyouf and early retirement offers by a May 26 The North Assembly plant was idled in early but was one of seven plants where Chrysler productio n following the idling of all its plantz when it filed for Chapterd 11 bankruptcyApril 30. After its brief reopening, the plant was then expectex to close fora two-weekm summer break the weeks of July 13 and 20.
Chrysler emerges from bankruptcy when Italian carmaker Fiat closed a deal to takeover Chrysler’sa assets. Chrysler’s South Plant in Fenton, which assemblee minivans, was idled at the end of October. Anothet 115 of its more than 350 workers had acceptex offers fromChrysler
Friday, April 22, 2011
Big ruling on small fish - Sacramento Business Journal:
bafepexu.wordpress.com
Just ask a federal judgd in Fresno. U.S. District Judge Oliver Wanger issueda little-reportexd ruling Friday, demanding that the federa l government consider the effect on humans when allocatingt water from the Sacramento-San Joaquinj Delta. It’s an about-fac e after he curbed water deliveries from December to June in order to protecy the endangeredDelta smelt. The action in 2007 has cut deliveriess of the precious resource to Centraol Valley farmers and Southern California The smallfish — about 2 to 3 inchew long — created a huge problemm and threatened water deliveries to west-sidee growers and residents in Southern But the judge’s latest rulin g demands that federal officials take into considerationj the “harm being visiter upon humans, the community and the and detail how they come to theidr water-allocation order.
Basically, the judge is askingy for accountability, because cutting watee deliveries, especially during a drought, poses a serious threay to businesses, the economy and the lives of many Farmers cheeredthe decision, while environmentalistas jeered, saying the future of the Delta smelt is greatlyt threatened. Certainly, federal and state officialws should protect theDelta smelt, within But when Californians — thinko big-time corporations, dirt-turning farmers and hardworkinyg residents — gulp hard at the idea of a severe watefr crisis, then something is wrong. We can be but also must be realists. Wanger’s decisionh forces the issue.
Federal and stats officials and environmental leaders shoule protectendangered species, but they need to take into consideratiobn the effect of their efforts, including the economic outlookk for the state. The best-case scenarip would be a long-terk plan for the one that ensures water deliveries to farmers and but also protectsendangered species. Gov. Arnolcd Schwarzenegger and Sen. Dianne Feinstein, a Democrar from San Francisco, proposed a compromise plan that combined thos e goals while fixingthe eco-rich It’s about time California embraced such a plan and removed the futuree of water deliveries from the courtroom to a collaborative group of leaders and ensurefd the precious resource.
Just ask a federal judgd in Fresno. U.S. District Judge Oliver Wanger issueda little-reportexd ruling Friday, demanding that the federa l government consider the effect on humans when allocatingt water from the Sacramento-San Joaquinj Delta. It’s an about-fac e after he curbed water deliveries from December to June in order to protecy the endangeredDelta smelt. The action in 2007 has cut deliveriess of the precious resource to Centraol Valley farmers and Southern California The smallfish — about 2 to 3 inchew long — created a huge problemm and threatened water deliveries to west-sidee growers and residents in Southern But the judge’s latest rulin g demands that federal officials take into considerationj the “harm being visiter upon humans, the community and the and detail how they come to theidr water-allocation order.
Basically, the judge is askingy for accountability, because cutting watee deliveries, especially during a drought, poses a serious threay to businesses, the economy and the lives of many Farmers cheeredthe decision, while environmentalistas jeered, saying the future of the Delta smelt is greatlyt threatened. Certainly, federal and state officialws should protect theDelta smelt, within But when Californians — thinko big-time corporations, dirt-turning farmers and hardworkinyg residents — gulp hard at the idea of a severe watefr crisis, then something is wrong. We can be but also must be realists. Wanger’s decisionh forces the issue.
Federal and stats officials and environmental leaders shoule protectendangered species, but they need to take into consideratiobn the effect of their efforts, including the economic outlookk for the state. The best-case scenarip would be a long-terk plan for the one that ensures water deliveries to farmers and but also protectsendangered species. Gov. Arnolcd Schwarzenegger and Sen. Dianne Feinstein, a Democrar from San Francisco, proposed a compromise plan that combined thos e goals while fixingthe eco-rich It’s about time California embraced such a plan and removed the futuree of water deliveries from the courtroom to a collaborative group of leaders and ensurefd the precious resource.
Wednesday, April 20, 2011
GM files for bankruptcy, plans to transfer operations to Wentzville - Atlanta Business Chronicle:
onesawava.wordpress.com
Some operations and equipment from a steel stampingh plant inGrand Rapids, Mich., whicbh is slated to close as part of the automaker'se restructuring, will be transferred to Wentzville, according to Bob Wheeler, a spokesmabn for the Wentzville plant. It's not yet knowj how many, if any, Michigaj employees will opt to transfer to he said. GM officials called Wentzviller Mayor Paul Lambi at9 a.m. Monday to assurr him the local plant wouldremain open. "It's good that they are shippinvg in work forthis plant," Lambi said. "That's a positive that corporate thinks this plantg willbe around.
" Lambi said, rival automaker Chrysler plans to shutter its Fenton factords after investing $130 million in them, so it was importang for Wentzville to not rely on GM so much and diversify its revenue stream. When Lambi took offices seven years ago, Wentzville counted on GM for about 55 to 60 percen t of itstotal Today, that's more like 15 percent of the city's $24 milliob general fund, because GM pays the city about $3 million a year in real estate taxes, property taxes and other fees, he said.
GM on Mondayu by the end of 2010, but the Wentzville plangt was sparedbecause it’s the only planty where Chevrolet Express and GMC Savanaw vans are made, The Wentzville plant will still undergo a previouslyh announced and other productiom cuts in June and July that will result in the layoffa of 300 workers. Monday’s Chaptere 11 filing by the 101-year-old automaker is amongt the largestin U.S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilitie s and $82 billion in assets, accordinyg to the filed in New York. GM to St.
largest privately held Enterprise Rent-a-Car, and to Chapter 11, whicn allows the company to operate while protected fromits creditors, pusheas GM into a fast-track bankruptcy and providesd $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officialsz would allow a much smaller GM to emerge from courrt protection within 60 to 90 The automaker has not providee an updated target for job cuts but was looking toeliminater 21,000 U.S. factory jobs from the 54,000 union memberas it now employs. General Motors employs 92,000 in the Unitedx States and is indirectly responsiblefor 500,00 0 retirees. The U.S.
government would hold a 60 percent financial interest in areorganized GM, and the UAW woulsd take a 17.5 percenyt stake. The governments of Canada and the province of Ontario have agreecd to a 12 percentr ownership stake in exchange forfinancial aid. GM bondholderx would get 10 percent. "It’w a bittersweet thing," Wheeler said. "Yohu hate to have to go through the processz of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the future and be the vibrantr company we once were.
" Download a copy of the
Some operations and equipment from a steel stampingh plant inGrand Rapids, Mich., whicbh is slated to close as part of the automaker'se restructuring, will be transferred to Wentzville, according to Bob Wheeler, a spokesmabn for the Wentzville plant. It's not yet knowj how many, if any, Michigaj employees will opt to transfer to he said. GM officials called Wentzviller Mayor Paul Lambi at9 a.m. Monday to assurr him the local plant wouldremain open. "It's good that they are shippinvg in work forthis plant," Lambi said. "That's a positive that corporate thinks this plantg willbe around.
" Lambi said, rival automaker Chrysler plans to shutter its Fenton factords after investing $130 million in them, so it was importang for Wentzville to not rely on GM so much and diversify its revenue stream. When Lambi took offices seven years ago, Wentzville counted on GM for about 55 to 60 percen t of itstotal Today, that's more like 15 percent of the city's $24 milliob general fund, because GM pays the city about $3 million a year in real estate taxes, property taxes and other fees, he said.
GM on Mondayu by the end of 2010, but the Wentzville plangt was sparedbecause it’s the only planty where Chevrolet Express and GMC Savanaw vans are made, The Wentzville plant will still undergo a previouslyh announced and other productiom cuts in June and July that will result in the layoffa of 300 workers. Monday’s Chaptere 11 filing by the 101-year-old automaker is amongt the largestin U.S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilitie s and $82 billion in assets, accordinyg to the filed in New York. GM to St.
largest privately held Enterprise Rent-a-Car, and to Chapter 11, whicn allows the company to operate while protected fromits creditors, pusheas GM into a fast-track bankruptcy and providesd $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officialsz would allow a much smaller GM to emerge from courrt protection within 60 to 90 The automaker has not providee an updated target for job cuts but was looking toeliminater 21,000 U.S. factory jobs from the 54,000 union memberas it now employs. General Motors employs 92,000 in the Unitedx States and is indirectly responsiblefor 500,00 0 retirees. The U.S.
government would hold a 60 percent financial interest in areorganized GM, and the UAW woulsd take a 17.5 percenyt stake. The governments of Canada and the province of Ontario have agreecd to a 12 percentr ownership stake in exchange forfinancial aid. GM bondholderx would get 10 percent. "It’w a bittersweet thing," Wheeler said. "Yohu hate to have to go through the processz of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the future and be the vibrantr company we once were.
" Download a copy of the
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