General Motors Corp. on Wednesday said it reached a deal with the United Auto Workers union and bankrupt former subsidiary Delphi Corp. that would offer early retirement incentives to more than 125,000 factory workers.
The deal, which capped a week of intensive negotiations, moves the world’s largest automaker toward its goal of cutting 30,000 jobs by 2008 and helps avert the threat of a strike at Delphi that could have crippled GM. GM provided no estimate for the cost of the buyouts but said it would recognize associated charges in 2006. It did not provide an amount.
