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To: RealMuLan who wrote (18243)	12/9/2004 8:25:24 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

GM to cut 12,000 jobs in Europe By Shawn Langlois, CBS.MarketWatch.com Last Update: 4:05 PM ET Dec. 9, 2004 E-mail it \| Print \| Alert \| Reprint \| RSS SAN FRANCISCO (CBS.MW) - General Motors' European unit on Thursday said it will cut 12,000 jobs, mainly in Germany, in an attempt to reduce costs by about $665 million annually and stem more than four years of losses. CBS MARKETWATCH TOP NEWS U.S. stocks end higher as National Semi fuels rebound Ciena leaps on strong sales forecast Bush: No payroll-tax hike to fund Social Security U.S. weekly jobless claims up 8,000 to 357,000 U.S. dollar continues climb from historic lows Free! Sign up here to receive our Internet Daily e-Newsletter! TRADING CENTER Get up to $500 in commission-free trades TRACK THESE TOPICS Alerts Company: General Motors Corporation Create Get Breaking News sent directly to your inbox Create An Alert The job cuts, which will affect almost a fifth of the region's total workforce, will take place over the next two years and will also include 15 percent of managerial positions across Europe. "Facing the realities of the market is absolutely imperative. Over the past three years, we worked very hard to find other solutions. Contrary to all forecasts, however, the market has not improved," said GM Europe President Carl-Peter Forster. "This restructuring program will give our brands the economic freedom they need to continue their model offensives," he added. GM said it will introduce 45 new models in Europe to bolster the Opel/Vauxhall, Saab and Chevrolet line-ups over the next five years. GM's Adam Opel division will take the biggest hit with up to 10,000 jobs being cut. About 2,000 jobs will be lost at plants in Belgium, Spain, Sweden and the U.K. cbs.marketwatch.com