Schumer: GM should buy back Delphi
Senator Chuck Schumer was in town this afternoon at the Delphi plant to publicly urge General Motors to buy back Delphi as part of its restructuring plan.
“We are in a time when big decisions need to be made, and decisive action needs to be taken,” said Schumer, D-N.Y. “To preserve these 1,200 jobs and help secure the survival of the company, GM needs to reacquire these essential factories to preserve vital jobs and secure a supply chain for the future, and Delphi needs to be a willing partner.
”Delphi and its creditors should negotiate in good faith with GM,” Schumer said.
GM’s purchase would ensure the company an affordable, reliable supply chain in the future, he said.
Schumer is urging car cazr Steven Rattner to bring the deal together. Delphi employs 1200 at its Rochester plant, which could be instrumental in manufacturing hydrogen fuel cell components when the technology is ready to market.
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This was the big announcement? A rather large over-extended company with serious cash flow issues to buy a bankrupt company?
Seems that if there was a decision to make fuel cells here in Rochester - it really doesn’t matter if Delphi is owned by GM or GM outsources the manufacturing to an independent Delphi.