NEWS
By Frederick N. Rasmussen, The Baltimore Sun and Baltimore Sun reporter | November 26, 2010
Richard S. Corbin, a retired General Motors Corp. master electrician, died Monday of cancer at his Joppa home. He was 67. Mr. Corbin was born and raised in Framingham, Mass., where he graduated in 1960 from Framingham High School. He served in the Navy as an electrician from 1960 to 1964, aboard the carrier USS Ranger. After being discharged from the service, he went to work as an electrician at the General Motors plant in Framingham. In 1992, he was transferred to the old General Motors plant on Broening Highway, where he worked until retiring in 1999.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | November 15, 2010
General Motors might be fine for the garage, but do you want it in your investment portfolio? You'll soon have a chance to buy stock in the "new" General Motors Co., which has filed for an initial public offering that's expected to happen Thursday. The company plans to offer at least 365 million common shares at a price of $26 to $29 a share, though the final price would be set the day before the offering. Taxpayers already own a piece of GM, thanks to a $50 billion government bailout that left the U.S. government controlling about 61 percent of the company.
BUSINESS
By Ken Bensinger and Ken Bensinger,Tribune Newspapers | October 1, 2009
General Motors Co.'s deal to sell Saturn to the Penske Automotive Group has fallen through, forcing the automaker to shutter the brand altogether. The sale had been expected to be completed as soon as this week. "Penske Automotive Group ... has decided to terminate discussions with General Motors to acquire Saturn," GM Chief Executive Fritz Henderson said in a statement. As a result, "we will be winding down the Saturn brand and dealership network." The news is a blow to GM, which had made selling three of its brands, along with shutting Pontiac, a key component of its post-bankruptcy restructuring efforts.
NEWS
September 8, 2009
A year ago, when a group of GM executives came to The Baltimore Sun to meet with the editorial board, they couldn't stop talking about the Chevy Volt. Still in the conceptual stages, the plug-in electric hybrid was their answer for the future and repentance for years of gas-guzzling SUVs that, at the time, had been made unattractive by sky-high fuel prices. They seemed to pine for it, like a baseball team trailing badly in the bottom of the ninth might wish for a six-run homer. A lot has changed since then.
NEWS
By Andrea K. Walker and Andrea K. Walker,andrea.walker@baltsun.com | June 2, 2009
Legendary automaker General Motors Corp. on Monday became the largest U.S. industrial company ever to file for bankruptcy-law protection, in a restructuring that puts it under unprecedented government ownership and jump-starts a plan that will include plant closings and thousands of job losses, but that the company hopes will return it to profitability. The transmission plant in White Marsh will remain open, but a Wilmington, Del., plant that has many workers who live in the Baltimore area will shut down July 31. The bankruptcy reflects the downfall of what was once an icon in the auto industry whose management problems were exacerbated so badly by the global recession that the Obama administration stepped in to take over.
BUSINESS
By Ken Bensinger and Alana Semuels and Ken Bensinger and Alana Semuels,Los Angeles Times | April 1, 2009
A day after President Barack Obama threw down the gauntlet for the American auto industry, General Motors Corp. began once again the work of selling cars. On Tuesday, even as its new chief executive acknowledged the growing possibility of bankruptcy, the ailing carmaker announced an incentive plan that, in part, will cover car payments for customers who lose their jobs. The program, which GM is calling "Total Confidence," is designed to lure American back into the showroom. "Consumers right now are looking for corporations to be sympathetic with what they're going through," said Jeff Goodby, co-chairman of Goodby, Silverstein and Partners, an ad agency that promoted a similar program by Hyundai Motor Co. The White House has given General Motors 60 days, and Chrysler 30 days, to work out their structural problems before the federal government yanks financial support.