Money-losing GM unit will cut jobs and set up its own restructuring program, to be an

[JBsZ06]

Money-losing GM unit will cut jobs and set up its own restructuring program, to be announced late next year
Saab is planning to cut jobs as a money-saving move, says a spokesman in Sweden. The company has not yet decided whether it will reduce its 10,000-member work force through a retirement program or outright job cuts and has not sa! id how many workers will be cut. Spokesman Niklas Andersson told Bloomberg News that the company intends to "focus on reducing costs and being more efficient" and will announce a restructuring program late next year. GM has estimated that its European operations, which include Saab, will lose $350 million in 2002. Saab's loss for the first six months of the year was about $120 million.