Reuters, 06/06/2012
SAO PAULO, June 6 (Reuters) – General Motors Co said on Wednesday it offered a buyout plan for workers at a Brazilian factory after automakers in the country scaled back output in May to the slowest in three months, idling factory lines to draw down massive inventories.
GM said it was offering voluntary buyouts at its factory in Sao Jose dos Campos as a result of intense competition in the Brazilian market, as well as rising labor and raw materials costs, according to a statement by the company.
The company added that the buyouts were a structural adjustment to maintain its current production program. A metalworkers’ union at the factory said GM was offering a buyout through June 15 without giving a target for staff cuts.
