GM Arlington plant to go in asset sale - Dallas Business Journal:

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The GM spokesman adde d that the sale announcement is not tied to any new staffingtlevel reductions, but previously announces reductions will take place. GM employs 235,000 employee s worldwide. A GM representative said the goal set a montgh ago ofcutting 4,000 salaried employees by Oct. 1, 2009 is stilll in play. An attritio n or voluntary-out severance package also was being offeref tohourly employees, but a reductionj target has not been set for that program. NGMCO is a company funded by the U.S. Department of In connection with the the company will change its name to GeneralMotors Co.; be led by current president and chief executive officer Fritz Hendersoj and Edward Whitacre Jr.
as and continue operations out of Edward E. Whitacre Jr. is the former chairmam and CEOof AT&T. appointer him to serve as chairman in Whitacre graduated from Texas Tech University in Lubbockj andled Dallas-based AT&T, which was then based in San from 1990 to 2007. NGMCO will acquirer GM’s strongest operations and will have a competitivew operatingcost structure, partly as a resultg of recent agreements with the United Auto Workers and Canadiaj Auto Workers, according to GM.
GM’s foreign subsidiaries will also be acquires by the new compang and are expected to continuwe to operate without The move is another step forwardd for theDetroit automaker, whicjh filed for bankruptcy last month, to become an independenty new company. The new GM’s common stocok will be 61 percent ownedd bythe government; 17.5 percent owned by the UAW Retireed Medical Benefits Trust; the Canada and Ontarii governments will own a 11.7 percent piece; and 10 percent will be ownes by the old GM entity. Meanwhile, the currentt General Motors Corp. will change its name to MotorzLiquidation Co.
, and its remaining assets will be wound down or GM has already struck dealw for its Hummer and Saturn brands. The Hummee division will be soldto China-based The Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., basef in Chengdu, and the Saturn divisionb will be acquired by national auto dealerRoger Penske.