GM Offers Buyouts to Close Ohio Plant

GM will pay $1.6 billion into a health-care trust for retirees and offer buyouts of up to $140,000 to union-represented factory workers in exchange for an agreement to close an SUV plant in OH by the end of the year. GM confirmed it reached a tentative agreement with the IUE-CWA union over terms for closing its Moraine, OH plant where it builds the Chevrolet TrailBlazer and GMC Envoy. A union local in Moraine posted details of the closing agreement on its website ahead of a ratification vote by the 1,500 GM workers it reps. A ratification vote is scheduled soon.