GM Offers Buyouts to Skilled Workers

General Motors is offering buyouts to several thousand of its skilled plant workers, according to multiple media reports.
By Michael Baron ,

NEW YORK (

TheStreet

) --

General Motors

(GM) - Get Report

is offering buyouts to several thousand of its skilled plant workers, according to multiple media reports.

The Wall Street Journal

said the company is looking get up to 3,000 U.S. workers to accept $60,000 payments and leave the company by March. Eligible workers have until Dec. 23 to decide, the

WSJ

said.

General Motors spokesman Chris Lee told the

Associated Press

the company estimates it has 2,000 skilled workers than it needs.

GM's stock closed Monday at $33.80, down a penny. The company returned to the public markets on Nov. 17, pricing 478 million shares at $33 each. Upon completion of the IPO, the U.S. government's bailout-related stake in the company was reduced to roughly 33% from just above 60%.

According to

GM's Web site

, the company has roughly 209,000 employees worldwide. Its U.S. workforce is 79,000 with a breakdown of 26,000 salaried workers and 53,000 hourly workers.

--

Written by Michael Baron in New York.

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Michael Baron

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