AOL Money & Finance

General Motors to shutter Michigan and Wisconsin plants

General Motors Corp. (NYSE: GM), which keeps saying that bankruptcy will not happen on the current management's watch, is closing more plants. The automaker said today that it will be closing a Michigan stamping plant and a Wisconsin plant as well. Surprise: the Wisconsin plant is responsible for SUV production.

In Michigan, more than 1,300 jobs will be lost when the automaker closes down the plant roughly one year from now. The Wisconsin plant will close in mid-2009 as SUV sales continue to slump. Even though gas prices have come down quite a bit in the last few weeks, U.S. citizens don't trust gas guzzlers any longer. If you have one and it's under water, stick with it. If you're looking for a new vehicle, you're probably not looking at an SUV.

The Janesville, Wisconsin plant will cease SUV manufacturing operations on December 23rd, but some operations will continue until June 2009 to fulfill an agreement with Isuzu Motors, Ltd.

Shares of GM are up 2% to $6.63 per share today as the market teeter-totters, giving the General a market cap of $3.76 billion at this time.

It's just unfortunate that the Wisconsin plant about to be closed is GM's oldest. It's been in operation since 1919. My, how times have changed since then.
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Last updated: November 11, 2009: 10:35 AM

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