English 
English Welcome
on East Filters
Looking for auto parts? Please click below.
Our products
Racor Fuel filter/Water Separator
Oil water separator parts
Sakura Filters Equivalent
Fuel filter accessory
Top Searches
Oil filter
Fuel filter
Air filter
Oil water separator
Fuel water separator
Racor
Volvo
Caterpillar
Benz
Perkins
Scania
Komatsu
MAN
HINO
Iveco
TOYOTA
New GM CEO says more plants could close
General Motors Corp.'s new chief executive said Tuesday that more of the automaker's plants could close as part of GM's effort to meet new, tougher requirements for government aid.
In his first press conference as CEO, Fritz Henderson said he expects the company would "need to take further measures" in terms of plant closures. That's beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month.
GM also is likely to offer another buyout program to workers as it looks to cut labor costs, Henderson said.
President Barack Obama said Monday that GM's plan didn't go far enough. The company has 60 days to make more cuts and get more concessions from bondholders and unions or it faces bankruptcy.
Henderson said that although bankruptcy filing is not preferred, it is "certainly more probable" than in the past.
The company, he said, has until June 1 to accomplish changes sought by the government or it will be in bankruptcy. The 60-day deadline should be enough time, but if it becomes evident that the changes can't be made by the deadline, GM could go into court sooner, he said.
"It doesn't have to take 60 days. If it's quite clear that we're not able to accomplish what we need to do in terms of operational restructuring, reduction of debt on the balance sheet and what we need to do to accomplish these broad parameters of having a viable business, this will be a management judgment" reviewed by the Obama administration's autos task force, he said.
He also said GM is still talking with potential buyers of the Hummer brand, and a decision on the brand's fate will come in the next few weeks. GM said in a viability plan filed with the government in February that it would make the decision by the end of the first quarter.
Henderson took over as CEO of GM Monday, after the Obama administration asked former CEO Rick Wagoner to resign.
Shares of GM fell 24 cents, or 8.8 percent to $2.46 in morning trading Tuesday.
In an effort to increase sales, GM launched its "Total Confidence" program which will make car payments for customers who lose their jobs through no fault of their own.
GM will make up to nine payments of $500 each to qualifying customers. Consumers must qualify for state unemployment to be eligible for the program.
The program starts April 1 and runs until April 30.
Ford Motor Co. also announced a similar program Tuesday, which will take over customer's payment of up to $700 a month for a year in the event of job loss.
In his first press conference as CEO, Fritz Henderson said he expects the company would "need to take further measures" in terms of plant closures. That's beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month.
GM also is likely to offer another buyout program to workers as it looks to cut labor costs, Henderson said.
President Barack Obama said Monday that GM's plan didn't go far enough. The company has 60 days to make more cuts and get more concessions from bondholders and unions or it faces bankruptcy.
Henderson said that although bankruptcy filing is not preferred, it is "certainly more probable" than in the past.
The company, he said, has until June 1 to accomplish changes sought by the government or it will be in bankruptcy. The 60-day deadline should be enough time, but if it becomes evident that the changes can't be made by the deadline, GM could go into court sooner, he said.
"It doesn't have to take 60 days. If it's quite clear that we're not able to accomplish what we need to do in terms of operational restructuring, reduction of debt on the balance sheet and what we need to do to accomplish these broad parameters of having a viable business, this will be a management judgment" reviewed by the Obama administration's autos task force, he said.
He also said GM is still talking with potential buyers of the Hummer brand, and a decision on the brand's fate will come in the next few weeks. GM said in a viability plan filed with the government in February that it would make the decision by the end of the first quarter.
Henderson took over as CEO of GM Monday, after the Obama administration asked former CEO Rick Wagoner to resign.
Shares of GM fell 24 cents, or 8.8 percent to $2.46 in morning trading Tuesday.
In an effort to increase sales, GM launched its "Total Confidence" program which will make car payments for customers who lose their jobs through no fault of their own.
GM will make up to nine payments of $500 each to qualifying customers. Consumers must qualify for state unemployment to be eligible for the program.
The program starts April 1 and runs until April 30.
Ford Motor Co. also announced a similar program Tuesday, which will take over customer's payment of up to $700 a month for a year in the event of job loss.
