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Last updated on Wednesday, November 12, 2008
(DETROIT, MI) - Bad news for General Motors may mean bad news for Bedford.
Yesterday, the nation's auto giant, which has a powertrain plant here in Bedford, announced they will be laying off 1,900 workers in the first quarter of next year.
Whether these layoffs will affect the Bedford plant directly or not, we can't say yet.
However, The Detroit News reports these layoffs will be focused on the company's stamping and powertrain facilities.
These layoff's are a part of a cash-raising initiative to get gm up to the $20 billion mark, which includes last Friday's announcement GM will lay off 3,600 assembly workers, slash a number of white-collar positions, and close doors, at least temporarily, on some of their manufacturing facilities.
Additionally, the company's ratings were decreased yesterday, sending GM stock down 22%, and it's down around 16% as of noon today.
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