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GM offers buyouts to 18K salaried workers in North America

Posted: 11:59 AM, Oct 31, 2018
Updated: 2018-10-31 16:59:30Z

DETROIT (AP) -- General Motors will attempt to cut costs by offering buyouts to about 18,000 white-collar workers in North America.

The company made the offer Wednesday to salaried workers with 12 or more years of service.

The move comes on the same day that GM reported a $2.5 billion third-quarter profit. The company says in a prepared statement that although it is performing well, it wants to continue to reduce costs while the company and the economy are strong.

The auto industry faces looming troubles such as slowing sales in the U.S. and China and higher steel and aluminum prices due to U.S. tariffs.

GM wouldn't disclose terms of the buyout offers. The company has about 50,000 salaried workers in the U.S., Canada and Mexico.