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4-Traders Homepage  >  Equities  >  Nyse  >  General Motors Company    GM

Delayed Quote. Delayed  - 05/22 10:03:16 pm
32.92 USD   +0.61%
10:47a GM JOB LOSSES W : Numsa
10:35a FORD MOTOR : Replaces CEO in Race Against Silicon Valley
10:33a GM JOB LOSSES W : Numsa
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GM job losses will have devastating impact: Numsa

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05/23/2017 | 10:47am CEST

Port Elizabeth - Metalworkers union Numsa has called for a general meeting with workers on Tuesday to address the looming job losses at General Motors in Port Elizabeth.

This comes after Numsa met General Motors on Monday as part of consultation where the car manufacturer confirmed that it was winding down manufacturing operations locally.

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Last week, General Motors announced that it would be disinvesting from South Africa and that it sold its local operations to Isuzu. As a result, production and sales of all Chevrolet models will cease, and Isuzu will take over the firm’s operations in Port Elizabeth from January 2018 because it will be manufacturing trucks and commercial vehicles.

General Motors has since issued a notice of retrenchment to the CCMA in terms of section 189 and section 189A of the Labour Relations Act.

The company has also confirmed that out of a total workforce of 1500 people, close to 600 workers are to be retrenched by July. In response, Numsa said the move was more likely to lead to more than a thousand job losses in the sector, particularly as the closure of General Motors would negatively impact companies along the value chain.

"Numsa is concerned about the impact these job losses will have on workers and their families. We have a crisis with over 35 percent of the labour force being unemployed. It is unlikely that workers will be able to find employment after retrenchment," said the union. "The majority of workers in this country support extended family so the job losses will have a devastating impact on the community. Furthermore this decision is likely to have a negative impact on the local economy."

The general meeting in New Brighton, Port Elizabeth, would be addressed by Numsa general secretary Irvin Jim, as well as the the union's national treasurer Mphumzi Maqungo.

Numsa said the general meeting is for all workers at General Motors as well as those employed in companies related in the value chain, and was an opportunity for them to discuss these issues in detail and try to map a way forward.

African News Agency (ANA)

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(c) Cape Community 1999 - 2017 Independent Newspapers (Pty) Limited. All rights strictly reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 161 907 M
EBIT 2017 11 425 M
Net income 2017 8 834 M
Debt 2017 3 006 M
Yield 2017 4,81%
P/E ratio 2017 5,47
P/E ratio 2018 5,52
EV / Sales 2017 0,33x
EV / Sales 2018 0,26x
Capitalization 49 680 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 39,6 $
Spread / Average Target 20%
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Managers
NameTitle
Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Charles K. Stevens Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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