GM to speed up closure of Janesville plant - WKOW 27: Madison, WI Breaking News, Weather and Sports

GM to speed up closure of Janesville plant

DETROIT (AP) -- General Motors announced plans Tuesday to weather a severe downturn in the U.S. auto market and turn around its North American operations.

One part of the plan is speeding up closure of factories in Janesville; Moraine, Ohio; Ontario and Mexico. 

Previously, GM planned to permanently close the Janesville plant by 2010. It's not yet clear how much sooner it will close.

GM and other auto companies have been hammered by high gas prices, the weak economy and a rapid shift in consumer tastes away from trucks and SUVs. GM's sales were down 16 percent in the first six months of this year, led by a 21 percent decline in truck sales. 

GM also plans to cut 20 percent in salaried employment, suspend its dividend and borrow $2 billion to $3 billion.

Powered by Frankly