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Some operations and equipment from a steel stamping plant inGrand Rapids, Mich., whic is slated to close as part of the automaker's will be transferred to according to Bob Wheeler, a spokesman for the Wentzvillwe plant. It's not yet knowmn how many, if any, Michiganh employees will opt to transfer to he said. GM official called Wentzville Mayor Paul Lamboi at9 a.m. Monday to assur e him the local plant wouldremai open. "It's good that they are shippingh in work forthis plant," Lambij said. "That's a positive that corporate think s this plant willbe around.
" Still, Lambj said, rival automaker Chrysler plans to shutter its Fenton factoras after investing $130 million in so it was important for Wentzville to not rely on GM so much and diversif its revenue stream. When Lambi took office seven yearzs ago, Wentzville counted on GM for about 55 to 60 percen t of itstotal revenue. Today, that's more like 15 percentt of the city's $24 milliobn general fund, because GM pays the city abouft $3 million a year in real estate taxes, property taxes and othee fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedxbecause it’s the only plant where Chevrolet Express and GMC Savana vans are made, The Wentzville plant will stil l undergo a previously announcedr and other production cuts in June and July that will resuly in the layoffs of 300 workers. Monday’s Chapte r 11 filing by the 101-year-old automaker is among the largestgin U.S. history and largest-ever U.S. manufacturin g bankruptcy. GM listed $173 billion in liabilitieas and $82 billion in assets, accordiny to the filed in New York. GM to St.
largest privately held company, Enterprisd Rent-a-Car, and to Chapter 11, which allows the company to operate while protected from its pushes GM intoa fast-trackl bankruptcy and provides $30 billion of additional taxpayed funds to restructure. The GM plan as detailed by U.S. officialas would allow a much smaller GM to emergew from court protection within 60 to 90 The automaker has not provided an updatec target for job cuts but was looking toeliminat 21,000 U.S. factory jobs from the 54,00p union members it now employs. General Motorsx employs 92,000 in the Unitedx States and is indirectly responsiblesfor 500,000 retirees. The U.S.
government woulf hold a 60 percent financial interest in areorganizerd GM, and the UAW would take a 17.5 percent stake. The governments of Canada and the province of Ontario have agreed to a 12 perceng ownership stake in exchange forfinancial aid. GM bondholders woulsd get 10 percent. "It’s a bittersweet thing," Wheelef said. "You hate to have to go througj the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peoples in the future and be the vibrant company we once were.
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