Honda offers buyouts, slashes pay in North America

March 31, 2009 12:00:00 AM PDT
Honda Motor Co. is offering voluntary buyouts, cutting workers' pay and imposing 13 non-production days at its North American plants to reduce its production this summer by 62,000 vehicles. Honda spokesman Ron Lietzke said Tuesday that the buyouts will be offered to most of the Japanese automaker's 35,600 employees in the U.S., Canada and Mexico. He says enhanced retirement packages are also being offered.

Lietzke says overall compensation will be reduced for its North American employees, with top executives experiencing the biggest cuts. He would not say how much salaries would be reduced.

Honda builds Accords and Acuras in Marysville, Ohio, near Columbus, and makes Civics and Elements at a factory in East Liberty, Ohio. The company also has an auto plant in Alabama and it makes parts in Georgia.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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