Chrysler offers new buyouts to workers - magazine
Published: 02 Feb 2009 19:09:17 PSTDETROIT, Feb 2 - Chrysler LLC has launched a new companywide round of buyout offers and retirement incentives for hourly workers, the Automotive News said on Monday.
Chrysler notified United Auto Worker locals of the plan on Monday, the magazine said, citing a union source who asked not to be identified.
A Chrysler spokeswoman declined to comment immediately.
The cash-strapped U.S. automaker, privately held and controlled by Cerberus Capital Management, received $4 billion from the U.S. government emergency loan on Jan 2.
Under terms of the government bailout, Chrysler must meet certain cost cutting targets, including labor cost reductions, by mid-February.
Chrysler has said it has started negotiations with the UAW.
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