HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Trump's "Great News" Land...

Fri May 10, 2019, 08:34 AM

Trump's "Great News" Lands With Thud On Abandoned GM Plant Floor - Bloomberg

When President Donald Trump tweeted that General Motors Co. was on the verge of selling its idled car plant in Lordstown, Ohio, to a tiny electric truckmaker, David Green had no idea it was coming.

The president of United Auto Workers Local 1112 in Lordstown -- who Trump attacked on Twitter two months ago -- is among a handful of workers whose job is to do maintenance at the inactive compact car factory that made its last Chevrolet Cruze in March. He was left in the dark about GMs talks to sell the factory. I havent heard anything about it, Green said by phone Wednesday. Im out in the plant cleaning.

Shortly after that conversation, GM confirmed it was in discussions with Workhorse Group Inc. to sell the 6.2 million square foot assembly plant it opened in 1966. The UAW wasted little time making its position clear: They arent interested in such a deal.

EDIT

With just $763,000 in sales last year, Workhorse is probably a virtual unknown to GMs union workers. The maker of electric pickup trucks and delivery vans lost $36.5 million in 2018 and secured $35 million in financing earlier this year from Marathon Asset Management, which invests in distressed companies. A Workhorse investor told Trucks.com in March that if its unable to raise another $40 million to $60 million from selling the design for its two-seat drone called Surefly, the company may have been one or two quarters from bankruptcy. This is not the economic engine that the Lordstown plant provided for the region, Shaiken said by phone. The key issue is GMs decision to locate a product -- in this case, the Chevy Blazer -- that might have gone in the plant in Ohio, to Mexico.

EDIT

https://www.bloomberg.com/news/articles/2019-05-08/trump-gm-reaction

1 replies, 778 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply Trump's "Great News" Lands With Thud On Abandoned GM Plant Floor - Bloomberg (Original post)
hatrack May 10 OP
blueinredohio May 10 #1

Response to hatrack (Original post)

Fri May 10, 2019, 09:00 AM

1. Selling the building only helps G.M.

it's not like it will help the people without a job.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread