0000040730-01-500127.txt : 20011009
0000040730-01-500127.hdr.sgml : 20011009
ACCESSION NUMBER: 0000040730-01-500127
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010925
ITEM INFORMATION: Other events
FILED AS OF DATE: 20010925
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: GENERAL MOTORS CORP
CENTRAL INDEX KEY: 0000040730
STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
IRS NUMBER: 380572515
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-00143
FILM NUMBER: 1744327
BUSINESS ADDRESS:
STREET 1: 300 RENAISSANCE CTR
STREET 2: MAIL CODE: 482-C34-D71
CITY: DETROIT
STATE: MI
ZIP: 48265-3000
BUSINESS PHONE: 3135565000
MAIL ADDRESS:
STREET 1: 300 RENAISSANCE CTR
STREET 2: MAIL CODE: 482-C34-D71
CITY: DETROIT
STATE: MI
ZIP: 48265-3000
8-K
1
plantclosingcanada8k092501.txt
STE. THERESE PLANT CLOSING QUEBEC
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) September 25, 2001
---------------------
GENERAL MOTORS CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
---------------------------- ----------------------- -------------------
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
-------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
--------------
- 1 -
ITEM 5. OTHER EVENTS
On September 25, 2001, General Motors Corporation's (GM) subsidiary General
Motors of Canada Limited (GMCL) issued the following news release announcing
that production is to cease at Ste. Therese Plant in 2002. The release is as
follows:
Production to Cease at General Motors Ste. Therese Plant in 2002
BOISBRIAND, QC (Tuesday, September 25, 2001, 2:30 p.m.) - General Motors of
Canada Limited (GMCL) today advised employees at its Ste. Therese, Quebec plant
that it would cease production of Chevrolet Camaro and Pontiac Firebird models
in 2002 and close in September of 2002.
GMCL president and general manager, Maureen Kempston Darkes said, "This is
an extremely painful and difficult decision. GM has worked very hard to identify
a new product or other alternative to continue manufacturing at Ste. Therese. We
have explored a variety of alternatives, including vehicle assembly, niche
vehicle assembly, powertrain components, remanufacturing and other
automotive-related operations. However, despite several years of intensive work,
we have been unable to identify any viable alternatives.
"I want to recognize the tremendous efforts of the Ste. Therese workforce.
Over the years, they have demonstrated real pride of workmanship and a firm
commitment to our customers, which we sincerely appreciate.
"We are committed to ensuring as smooth a transition as possible for our
people. Almost all of the 1100 hourly employees currently on-roll and the 300
hourly employees currently on lay-off at Ste. Therese are now eligible for early
retirement or will become eligible within the next few years. The GM of Canada
benefit packages for hourly and salary employees are extensive, with income
continuation for up to 3 years for affected employees. We are committed to
working closely with the CAW and with the Quebec and Federal Governments to put
in place retraining and other transition assistance programs for those that want
to continue their working careers.
"The Ste. Therese Plant has been a key contributor to the Quebec economy
since it opened in 1965. Over the past fifteen years, GM has invested over $3
billion in the plant and generated over 20,000 person years of employment, with
payrolls totaling over $1.2 billion," said Kempston Darkes.
"GM will continue to be the automaker with the largest commitment to
Quebec. We source over $850 million annually from over 700 Quebec suppliers,
with less than 10% of this supplying Ste. Therese. We have been working with the
Government to develop further supplier production opportunities in Quebec, such
as the $60 million investment announced earlier this year by Raufoss. In fact,
through our sourcing initiatives, we are creating at least as many jobs in
supplier companies in Quebec as will be lost at Ste. Therese.
"As lightweight materials such as aluminum and magnesium increase in
automotive applications, we believe that Quebec has a strategic advantage and
strong future in this area - not just to supply GM, but to supply the entire
North American auto industry. We continue to be committed to working with the
Governments, the lightweight materials industry and the R & D community to
enhance this capacity," she said.
- 2 -
"Although the Chevrolet Camaro and Pontiac Firebird models are outstanding
performance cars, over the past fifteen years, the sports car segment in North
America has declined. At the same time, with the dramatic increase in import
penetration, there is substantial excess capacity in our industry.
"I have personally worked very hard to find another alternative for this
facility - and our partners in the CAW and governments have indicated their
willingness to work constructively with us if a product could be identified -
but the automotive industry has changed dramatically and we could not identify
an economically viable alternative for this facility," said Kempston Darkes. "We
will work with the CAW and the local, Quebec and Federal Governments to develop
a transition plan for the facility."
In connection with the closure of the St. Therese plant, General Motors
Corp. will incur a one-time special charge of U.S. $300 million pretax (US$195
after tax), or about U.S.$0.35 per share. The charge will be taken in the third
quarter 2001.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
--------------------------
(Registrant)
Date September 25, 2001
------------------
By
/s/Peter R. Bible
-------------------------------
(Peter R. Bible,
Chief Accounting Officer)
- 3 -