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March 10, 2023 07:45 AM

Kickstart: To buyout or not to buyout?

Rhoda Miel
Managing Editor
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    Steve Fecht for General Motors

    General Motors Chair and CEO Mary Barra records a 2022 CES keynote.

    To buyout or not buyout?

    What would it take to make you quit your job?

    I'm not talking about a job at a toxic workplace where neither you nor your labors are appreciated, but a job you like at a company where there's room for growth. Oh and, by the way, you have two weeks to make your decision.

    I ask because General Motors Co. will offer "most" of its salaried employees a shot at being part of a massive buyout program geared to helping it cut $2 billion in costs during the next two years.

    The buyouts are "designed to accelerate attrition in the U.S.," CEO Mary Barra said in a memo sent to GM employees March 9, obtained by our sister paper Automotive News and confirmed by the Detroit automaker. Those who accept the offer by March 24 must leave the company by June 30.

    Buyouts may be more palatable than mass firings, but there's always the risk that the talented people you most want to retain opt to leave for other opportunities. (Better buyouts than following the recent examples of some high-profile companies recently to cut staff.)

    "Employees are strongly encouraged to consider the program," GM spokesperson Maria Raynal said in an emailed statement to AN. "By permanently bringing down structured costs, we can improve vehicle profitability and remain nimble in an increasingly competitive market."

     

    Building a bezel business

    A family-owned Portuguese injection molder is setting itself up to be a leader in automotive instrument clusters, bezels and in-car entertainment controls with its acquisition of Novares' bezels and clusters business.

    Grupo Manuel Champalimaud (GMC), based in Lisbon, completed its previously announced purchase of the Novares business at the end of February, adding two plants and 600 employees in Portugal.

    "With this acquisition, [GMC] reinforces its commitment to strengthening its competitive capacity in the plastic injection sector, positioning itself as an innovative group with cutting-edge technology," Manuel Champalimaud, chairman of GMC, said in a news release.

    France-based Novares, meanwhile, will focus "on its full design product portfolio and innovative solutions."

     

    Paddling to fight microplastics

    Three men are training for a 64-mile stand-up paddleboard venture that will take them across Lake Ontario and back as part of an effort to stop microplastics from entering the water.

    Jeff Guy, Joe Lorenz and Kwin Morris have already paddled across the other four great lakes — Superior, Michigan, Huron and Erie — for their Stand Up for the Great Lakes nonprofit. The Lake Ontario crossing was originally supposed to take place in 2022, but a group that was to provide safety boats dropped out at the last minute. With a journey now set to launch in June (exact timing depends on weather), the trio has another organization signed on for safety support.

    They hope to raise $25,000 during the effort expected to take 24 hours.

    "Our overall goal is to bring awareness to Great Lakes issues," Guy said in a news release. "Right now microplastics are infiltrating the lakes and fish and people are ingesting them. It's one of the biggest issues of our day."

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