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.

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