G.M. to cut 25,000 jobs

General Motors Corp. plans to eliminate 25,000 manufacturing jobs in the United States by 2008 and close plants as part of a strategy to revive North American business at the world’s largest automaker, its chairman said on Tuesday.

Speaking to shareholders at GM’s 97th annual shareholder meeting in Delaware, Chairman and Chief Executive Rick Wagoner said the capacity and job cuts should generate annual savings of roughly $2.5 billion. GM now employs 111,000 hourly workers in the United States.

Forbes