Details of GM's buyouts emerge

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Details of GM's buyouts emerge

By Peter Neumann

MORAINE, Ohio (AP) - Workers at Fort Wayne's GM truck assembly plant are surely watching closely as General Motors Corp. offers details to its buyouts for workers at a plant near Dayton that it plans to close in December.

GM is offer buyouts, early retirement and transfer rights to workers at Moraine, Ohio, and will contribute nearly $1.6 billion to help fund health-care benefits for retirees.

About 1,000 people work at the Moraine plant which produces sport-utility vehicles that haven't been selling. GM spokesman Tony Sapienza
confirms that a tentative agreement has been reached with the workers, but he would not disclose details.

But the International Union of Electronic Workers says workers
with 10 years' seniority or more will be offered $140,000. Those
with less than 10 years could get $70,000. The union also said GM
has agreed to contribute over the next few years to a health-care
trust fund, which beginning in 2012 will provide health-care
benefits to retirees.

Workers are scheduled to vote on the agreement next week.

Earlier this year, GM announced plans to close the Moraine plant
by 2010 or sooner because of a customer shift to smaller vehicles. GM's downsizing plans have not included Fort Wayne's truck assembly plant - which produces the popular Silverado truck.

(Copyright 2008 by The Associated Press. All Rights Reserved.)



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