Lansing Closing Tab: Est $121 Million

Perian · 03-07-2005, 07:15 PM

Monday March 7, 6:03 pm ET
GM to Take Pre-Tax Charge of $121 Million in First Quarter for Closure of Lansing Plant

DETROIT (AP) -- General Motors Corp. will take a pre-tax charge of $121 million in the first quarter for the closure of its Lansing Car Assembly plant, the company said Monday.

GM made the announcement in a filing with the U.S. Securities and Exchange Commission.

GM announced last week that it was closing the plant and laying off nearly 3,000 hourly workers. The plant makes the Pontiac Grand Am and the Chevrolet Classic, both of which are being discontinued.

GM also said it will pay an estimated $20 million pre-tax a month in compensation and other benefits for laid-off employees until they're redeployed or retired. The company also expects to spend between $21 million and $25 million pre-tax on environmental and other exit costs.

The company stressed those payments are estimates and said it doesn't yet know the total cost of the closure.

86fleet · 03-08-2005, 08:54 PM

Are there more than one Lansing plant? I thought Lansing won an award for high quality for the CTS and SRX

LGRpup · 03-09-2005, 01:48 PM

There are a number of GM facilities in Lansing, but there are three assembly plants. Lansing Car Assembly, Lansing Grand River Assembly, and the Lansing Craft Centre. They are closing LCA this May and will be opening the new Delta Assembly plant next year.

03-07-2005, 07:15 PM	#1 (permalink)
Perian News Contributor Join Date: Nov 2004 Location: New York Drives: 2008 Saab 9-5 Sedan Posts: 4,069	Lansing Closing Tab: Est $121 Million Monday March 7, 6:03 pm ET GM to Take Pre-Tax Charge of $121 Million in First Quarter for Closure of Lansing Plant DETROIT (AP) -- General Motors Corp. will take a pre-tax charge of $121 million in the first quarter for the closure of its Lansing Car Assembly plant, the company said Monday. GM made the announcement in a filing with the U.S. Securities and Exchange Commission. GM announced last week that it was closing the plant and laying off nearly 3,000 hourly workers. The plant makes the Pontiac Grand Am and the Chevrolet Classic, both of which are being discontinued. GM also said it will pay an estimated $20 million pre-tax a month in compensation and other benefits for laid-off employees until they're redeployed or retired. The company also expects to spend between $21 million and $25 million pre-tax on environmental and other exit costs. The company stressed those payments are estimates and said it doesn't yet know the total cost of the closure.

03-08-2005, 08:54 PM	#2 (permalink)
86fleet 5.3 Liter LS4 V8 Join Date: Dec 2004 Location: Rockville, MD Drives: 1993 Jeep Grand Cherokee Posts: 3,470	Re: Lansing Closing Tab: Est $121 Million Are there more than one Lansing plant? I thought Lansing won an award for high quality for the CTS and SRX __________________ 1986 Cadillac Fleetwood Brougham; Without this car I could have been in to rice But then again, all those cars have "fart burners" on them. That "fart burner" ads 5-10HP to your car ;some of those small Hondas can whip a Vett off the line. (from anti-rice.com) So 115hp+10hp=430hp, at least in ricerland

03-09-2005, 01:48 PM	#3 (permalink)
LGRpup 3.9 Liter V6 Join Date: Apr 2003 Location: Lansing, MI Posts: 843	Re: Lansing Closing Tab: Est $121 Million There are a number of GM facilities in Lansing, but there are three assembly plants. Lansing Car Assembly, Lansing Grand River Assembly, and the Lansing Craft Centre. They are closing LCA this May and will be opening the new Delta Assembly plant next year. __________________ 2005 Chevrolet Malibu Maxx 1993 Oldsmobile Bravada GM, Then and Now... Before you go and buy a import brand car because of the perception of quality, do a little research and you will find GM has as good or better quality than most of those other brands. It's not cool to hate America people!

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