| Show L- Sxii Business Miud) IvOv giTwcf 1 ISOO A fees: Closings needed say auto analysts DETROIT (AP) — Industry analysts see the planned closing of II General Motors Corp plants in four states as surgery needed to keep the nation’s top automaker healthy but for 29000 workers it means uncertain times ahead Six final assembly plants and two body works will close by 1988 and three stamping plants 990 in a move that will reby duce GM’s fixed costs by $500 million a year Chairman Roger Smith announced Thursday The company showed an operating loss of $338 million for the third quarter Analysts said the cutbacks were necessary for GM and the US auto industry as a whole which is expected to be burdened with too much production capacity later this decade But that meant little to workers who fear losing their jobs or to communities whose economies will suffer “It’s going to be disastrous for Flint” said Earl Henry president of United Auto Workers Local 598 in that Michigan city where one plant is to be closed and another will lose one of its two assembly lines “Flint is a town When people lose their jobs in it they don’t have another industry to go to” Henry said The plants to be closed in Michigan Ohio Illinois and Missouri are older facilities and most had been facing shutdown for years as GM invested in newer more efficient factories and renovated others “We’ve been hearing about it for a long time so ain’t nobody panicking now” said Donald Stuart a worker at the Flint body plant to be closed by the end of 1987 Workers there have been told since 1979 the plant was doomed But Pete Hoover vice president of UAW Local 22 at the Clark Street final assembly plant in Detroit said workers there “werq very disappointed They feel betrayed” At the stamping plant in Willow Springs UAW Local 558 President Emmet Cyrus said GM had gone back on a promise made negotiations four years ago “GM told us in 1982 and laid out a contract and said ‘This is what we need This plant will be We can be here forever competitive”’ Cyrus said “Well we gave it to them and now they turn around and do us this way” GM James President McDonald said the closings “are absolutely necessary to maintain our marketplace leadership and enhance the job security of the greater bulk of our workforce" Financial analysts agreed “It’s a very constructive move on GM’s part" said Gary Glaser of First Boston Corp in New York “I think as we go forward there will be further closings" “A bold strike had to be taken and this was it" said David Andrea a research associate at the University of Michigan’s automotive transportation office On Wall Street GM stock rose $1 to close at $7425 Thursday on the New York Stock Exchange The plant closings were part of the first phase of a reorganization and modernization at GM and other plants were being studied said McDonald Until management can determine how many workers can be transferred or retrained GM and UAW officials said they could not estimate the number who will be out of work UAW Vice President Donald Ephlin said a task force was being formed to help the workers get the benefits to which they are entitled Benefits include training for new jobs supplemental employment benefits and guaranteed income for those with more than 10 years seniority T phlin blamed US trade policy for the domestic car industry’s NOTICE TO Tire firm fends off takeover AKRON Ohio (AP) — Goods ear Tire & Rubber Co Thursday announced further measures aimed at preventing a takeover by a group h financier Sir of investors led by James M Goldsmith Goodyear’s board of directors authorized the company’s officers to buy up to 20 million of the company’s 109 million outstanding shares of common stock in the common market the company said It also said it may sell its Goodyear Aerospace Corp and Motor Wheel Corp subsidiaries The company had already said it plans to sell the Celeron oil and gas subsidiary "The possible sale of these assets and the open market stock purchase program” as well as stringent cost reduction programs are preliminary steps in an overall restructuring program being developed by the company and its financial advisors Goldman Sachs & Co and Drexel Burnham Lambert Inc” the company said Goldsmith meanwhile said in an interview that he does not consider his attempt to be a hostile takeover “I know I'm not welcome but I’m not hostile to employees shareholders or management” said the European financier in a telephone interview from New York and published in The ADVERTISERS: (Cleveland) Plain Dealer today The newspaper reported that Goldsmith was in New York to meet with Goodyear Chairman Robert E Mercer and was interviewed before the meeting Wednesday Mercer has vowed to fight a Goldsmith takeover “Our interest (in Goodyear) was not solicited but it was not hostile" said Goldsmith who has about 125 million shares of Goodyear stock or about 115 percent His holdings in Goodyear stock now exceed $600 million TIIAMSGIVM® HOLIDAY SCHEDULE Goodyear officials confirmed that Mercer had left for New York after a directors meeting in Akron on Wednesday Mercer and Goldsmith met previously Oct 30 in New York Goldsmith who said he had more than $5 billion behind him to finance the takeover said he would keep Goodyear’s headquarters in Akron if he succeeded He said he liked Mercer personally and that the Goodyear chairman is “intelligent and formidable” He said he and Mercer differed on whether to shed Goodyear’s and related products businesses Goldsmith said those businesses should be sold to strengthen the company As a service to our readers the Thanksgiving Day publication will be a morning edition Think you (0girn 0tmt&ari)-txmmn- rr FROM JAPAN will be on hand to answer questions in the Midvale and Salt Lake locations Fri Nov 7th 12-- 9 Sat Nov 8th 10-- 6 FACTORY REPRESENTATIVES Not Evolutionary Revolutionary AD PIONEER PROJECTION FORESIGHT SYSTEM 139 channel tuner 40" projection monitor with MTS stereo Compact discLaser 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