SOURCE: Industrial Info Resources

May 02, 2008 06:30 ET

GM Posts $3.3 Billion First-Quarter Loss and Announces Layoffs, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - May 2, 2008) - Researched by Industrial Info Resources (Sugar Land, Texas)--Citing the weak economy, rising gas prices and the two-month-old strike at American Axle & Manufacturing Incorporated (NYSE: AXL), struggling automotive giant General Motors Corporation (NYSE: GM), announced a $3.3 billion loss for the first quarter of 2008. As a result, the automaker will shut down one shift at each of its four North American assembly plants, which will result in the need to lay off approximately 3,500 hourly workers.

For details, view the entire article by subscribing to Industrial Info's Premium Industry News at http://www.industrialinfo.com/showNews.jsp?newsitemID=132273, or browse other breaking industrial news stories at www.industrialinfo.com.

Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. For more information send inquiries to industrialmanufacturing@industrialinfo.com or visit us online at www.industrialinfo.com.

Contact Information

  • Contact:
    Joe Govreau
    713-783-5147