Shares of General Motors (GM) - Get Report are down Wednesday after the company announced it is furloughing 1,300 employees at its Oshawa, Canada assembly plant as it deals with the fallout from the current United Auto Workers strike.
Production of GM pickup trucks is being cut in half at the plant amid the strike, leading GM Canada to announce that it is cutting its workforce. The company said that it is unable to supply the necessary components needed for production to continue at the plant.
GM issued a statement Monday saying that negotiations with the 48,000 member union have resumed with a goal to "reach an agreement that builds a stronger future for our employees and our business."
The current impasse is the first time the UAW has called for a strike against GM since 2007.
The Oshawa plant currently builds the Cadillac XTS, Chevrolet Impala, and the Chevrolet Silverado and GMC Sierra light and heavy duty trucks.
GM has been building vehicles in the Oshawa plant since 1953. Prior to that, the plant had been building Chevrolet vehicles before it merged with GM in 1918.
GM shares are falling 0.42% to $38.13 Wednesday afternoon.