General Motors Corporation dumped another business today as it announced plants to halt production of medium-duty trucks in Flint, Michigan, at the end of this July.
GM’s decision was forced by the swift and precipitous decline in the value of automotive related assets around the U.S. In the end, GM simply couldn’t find a buyer for the business.
“After four years of working with multiple potential buyers, General Motors has decided to wind down its medium-duty truck operations,” the company said in a statement.
Production of the Chevy Kodiak and GMC Topkick will cease by July 31, 2009.
Last August, Navistar, the Chicago-based truck company, backed out of a deal to acquire GM’s medium-duty truck operation.
The move will eliminate the jobs of 398 hourly and salaried employees now assigned to medium-duty line at GM truck assembly plant in Flint, GM officials said. (more…)