Chrysler offers buyout to 23,000 workers
Latest move to pare workforce comes just before automaker reveals 5-year recovery plan.
NEW YORK (CNNMoney.com) -- Days before unveiling its latest recovery plan, Chrysler Group has extended a buyout program to 23,000 U.S. workers in an effort to further trim its workforce.
In a statement, Chrysler said workers have until Nov. 13 to accept the proposal, and that the company would determine who qualifies for it depending on operational needs. The company said termination dates would be at its discretion.
The automaker said special programs were being offered at facilities that are being forced to close as a result of the bankruptcy process that occurred earlier this year. The deadline for accepting those programs depends on the facility, Chrysler said.
Chrysler emerged from Chapter 11 bankruptcy protection in June, saying it would close some of its U.S. plants as part of the reorganization. Its ownership is a group that includes the Italian automaker Fiat, the U.S. government, the United Auto Workers union's retiree trust and the Canadian and Ontario governments.
On Wednesday, Chrysler will reveal its plans for the next five years, which are expected to include more collaboration with Fiat on cars similar to those sold by the Italian company in Europe.