UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) March 1, 2005
GENERAL MOTORS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, 48265-3000
Detroit, Michigan (Zip Code)
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(Address of Principal Executive Offices)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.05 Costs Associated with Exit or Disposal Activities and
ITEM 2.06 Material Impairments
With respect to Form 8-K, Item 2.05, Costs Associated with Exit or Disposal
Activities, and Item 2.06, Material Impairments:
o The facts and circumstances leading up to General Motors Corporation's (GM)
announcement on March 1, 2005 to permanently lay off approximately 3,000
employees at GM's assembly plant in Lansing, Michigan, are that the products
built there (Chevrolet Classic and Pontiac Grand Am) have reached the end of
their lifecycles and market demand for these products has declined over time
and does not support continuing production of these vehicles. Therefore, both
products are being discontinued and production at the plant is being
discontinued overall. GM expects the lay-offs to occur at the Lansing
facility during the second quarter of 2005.
o GM will recognize a non-cash charge of approximately $121 million pre-tax
($79 million after tax) for the write-down to fair market value of various
plant assets in the first quarter of 2005. Continued cash payments for
compensation and other benefits to laid-off employees is estimated to be $20
million per month pre-tax, ($13 million after tax), which is expected to
decline as employees are redeployed, retire, or otherwise terminate their
employment; accordingly, the total of such charges is not currently
estimable. Estimated exit and environmental costs of approximately $21
million to $25 million, pre-tax, (approximately $14 million to $16 million
after tax) will be recognized in the future as liabilities are incurred.
o At this time GM is unable to estimate the total amount or range of amounts
expected to be incurred in connection with this action.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: March 7, 2005 By: /s/PETER R. BIBLE
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(Peter R. Bible,
Chief Accounting Officer)