Call it 'Government Motors'
What GM's bankruptcy filing means for America's auto industry, and for America
General Motors filed for Chapter 11 bankruptcy protection Monday morning, ending weeks of speculation. The filing was predicted since last week and was almost anti-climactic, given a weekend of news reports about how, and not whether, the restructuring would take place. It also means the federal government now owns a majority stake in GM.
It also set the stage of a series of changes at the nation's largest automaker. A new, leaner GM is expected to emerge from the bankruptcy, and Obama Administration officials said they wanted minimal involvement in the process. A Chief Restructuring Officer has been named, and the company will begin moving toward a quick emergence from bankruptcy, with one official suggesting that could occur in 60 to 90 days.
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Annual Salary Survey
After almost a decade of uncertainty, the confidence of plant floor managers is soaring. Even with a number of challenges and while implementing new technologies, there is a renewed sense of optimism among plant managers about their business and their future.
The respondents to the 2014 Plant Engineering Salary Survey come from throughout the U.S. and serve a variety of industries, but they are uniform in their optimism about manufacturing. This year’s survey found 79% consider manufacturing a secure career. That’s up from 75% in 2013 and significantly higher than the 63% figure when Plant Engineering first started asking that question a decade ago.