General Motors may sign an agreement for the sale of the Hummer sport-utility vehicle business to Sichuan Tengzhong Heavy Industrial Machinery Co based in Chengdu, China this week, said two people familiar with negotiations.
The China firm's executives are expected to arrive in Detroit early this week for more negotiations with GM. Meanwhile GM's advisers are recommending the board consider spurning a German-backed sale of its Opel unit to retain a bigger presence in Europe and Russia.
Agencies
Showing posts with label GM. Show all posts
Showing posts with label GM. Show all posts
Tuesday, August 25, 2009
Saturday, July 11, 2009
Will GM coninue to layoff another 4,000 jobs?
After a night spent signing mounds of paperwork authorizing the transfer of cash, real estate, technology and other property, GM attorneys are expected to officially usher the new General Motors out of bankruptcy protection on Friday and onto a path toward a hopefully profitable future.
Once the world's largest and most powerful automaker, the troubled company is expected to emerge cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. Spurred on by the Obama administration's support, the process took just 40 days, even slightly quicker than crosstown rival Chrysler Group LLC's 42-day timeframe.
On Thursday, a bankruptcy court order allowing GM to sell most of its assets to a new company went into effect. The new GM, 61% owned by the US government, will face a brutally competitive global automotive market in the middle of the worst sales slump in a quarter-century.
At a press conference on Friday, CEO Fritz Henderson will announce that GM will cut another 4,000 white-collar jobs, including 450 top executives. The company still employs 88,000 people in the US and 235,000 worldwide.
Agencies
Once the world's largest and most powerful automaker, the troubled company is expected to emerge cleansed of massive debt and burdensome contracts that would have sunk it without federal loans. Spurred on by the Obama administration's support, the process took just 40 days, even slightly quicker than crosstown rival Chrysler Group LLC's 42-day timeframe.
On Thursday, a bankruptcy court order allowing GM to sell most of its assets to a new company went into effect. The new GM, 61% owned by the US government, will face a brutally competitive global automotive market in the middle of the worst sales slump in a quarter-century.
At a press conference on Friday, CEO Fritz Henderson will announce that GM will cut another 4,000 white-collar jobs, including 450 top executives. The company still employs 88,000 people in the US and 235,000 worldwide.
Agencies
Monday, April 13, 2009
Tech Mahindra bags Satyam Computers sale bid
IT services provider Tech Mahindra is the new owner of Satyam Computer Services. The company bid the highest at Rs 58 per share,
pipping rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post.
Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran Karnik, chairman of the govt constituted Satyam board told reporters.
Karnik also said that the Cognizant-Wilbur Ross combine had put in their bid at Rs 20/share for the fraud hit IT co.
Tech Mahindra will have to pay Rs 1,757 crore to buy a 31% stake in Satyam Computer Services. The IT co will have a market cap of Rs 5,666 crore on expanded equity. Tech Mahindra will have to pay a total of Rs 2890 crore for 51% stake in Satyam.
The acquisition will help the company, an arm of the Mahindra & Mahindra Group, to diversify into new areas instead of just depending on the telecom sector.
The Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with bigger rivals such as TCS, IBM, Infosys and Wipro.
Satyam, which serves customers such as GE, GM and Ford will also help Tech Mahindra build a better portfolio of customers.
Satyam has a 46,600 strong work force, land assets of 450 crore, besides the order book position. Its liabilities include the legal liabilities arising out of the class action suits filed by shareholders in the US, besides any liability arising out of the tussle with UK based mobile payments services provider Upaid.
Agencies
pipping rivals engineering firm Larsen & Toubro and billionaire investor Wilbur Ross to the post.
Engineering firm L&T bid at Rs 45.90 per Satyam share, Kiran Karnik, chairman of the govt constituted Satyam board told reporters.
Karnik also said that the Cognizant-Wilbur Ross combine had put in their bid at Rs 20/share for the fraud hit IT co.
Tech Mahindra will have to pay Rs 1,757 crore to buy a 31% stake in Satyam Computer Services. The IT co will have a market cap of Rs 5,666 crore on expanded equity. Tech Mahindra will have to pay a total of Rs 2890 crore for 51% stake in Satyam.
The acquisition will help the company, an arm of the Mahindra & Mahindra Group, to diversify into new areas instead of just depending on the telecom sector.
The Satyam acquisition will help Tech Mahindra diversify its software services business, and compete aggressively with bigger rivals such as TCS, IBM, Infosys and Wipro.
Satyam, which serves customers such as GE, GM and Ford will also help Tech Mahindra build a better portfolio of customers.
Satyam has a 46,600 strong work force, land assets of 450 crore, besides the order book position. Its liabilities include the legal liabilities arising out of the class action suits filed by shareholders in the US, besides any liability arising out of the tussle with UK based mobile payments services provider Upaid.
Agencies
Tuesday, February 10, 2009
GM to cut 10,00 salaried jobs
General Motors says it's cutting 10,000 salaried jobs, blaming the need to restructure the company amid the continued drop in new vehicle sales.
The Detroit-based automaker says it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.
The job cuts are part of the restructuring plan GM submitted to Congress late last year. Most of the cuts are expected to take place by May 1.
GM says the cuts will vary by global regions depending on staffing levels and market conditions.
GM also is cutting the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year.
Agencies
The Detroit-based automaker says it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried US jobs are expected to be eliminated.
The job cuts are part of the restructuring plan GM submitted to Congress late last year. Most of the cuts are expected to take place by May 1.
GM says the cuts will vary by global regions depending on staffing levels and market conditions.
GM also is cutting the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year.
Agencies
Sunday, January 25, 2009
Tatas to slash 5,000 jobs at Corus, Jaguar
Indian conglomerate Tatas are expected to cut as many as 5,000 jobs at their steel and auto subsidiaries in the UK -- Corus and Jaguar Land Rover -- in the coming weeks. About 3,500 jobs are anticipated to go at Corus this week itself, while Jaguar Land Rover is expected to see another 1,500 layoffs in the coming weeks, The Sunday Times has reported.
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
Saturday, November 22, 2008
General Motors will idle plants; Awaiting U.S. aid decision
General Motors Corp., under pressure after Congress delayed action on automaker aid, is idling four plants for an additional week, extending the shutdown of an engineering center and returning some corporate jets.
The closure of a truck factory in Oshawa, Ontario, is also being moved up by two months to May 14, Tony Sapienza, a spokesman for Detroit-based GM, said yesterday. The plants that will have the extra shutdown week in January are in Michigan, Ohio, Kansas and Missouri.
GM, which has said it may run short of operating cash by the end of this year, acted a day after Democratic leaders in Congress put off deciding on loans to automakers until next month. Congressional leaders want GM, Ford and Chrysler LLC to make a case for the help.
``At this point, GM is not thinking about 2015, they are thinking about 2009,'' said Mike Robinet, an analyst at CSM Worldwide Inc. in Northville, Michigan. ``Ninety percent of their decisions are focused on what they need do to bolster revenue and save cash.''
To read on ...click on the link below:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0ZU61nc9TH0&refer=home
The closure of a truck factory in Oshawa, Ontario, is also being moved up by two months to May 14, Tony Sapienza, a spokesman for Detroit-based GM, said yesterday. The plants that will have the extra shutdown week in January are in Michigan, Ohio, Kansas and Missouri.
GM, which has said it may run short of operating cash by the end of this year, acted a day after Democratic leaders in Congress put off deciding on loans to automakers until next month. Congressional leaders want GM, Ford and Chrysler LLC to make a case for the help.
``At this point, GM is not thinking about 2015, they are thinking about 2009,'' said Mike Robinet, an analyst at CSM Worldwide Inc. in Northville, Michigan. ``Ninety percent of their decisions are focused on what they need do to bolster revenue and save cash.''
To read on ...click on the link below:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0ZU61nc9TH0&refer=home
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