Holden, South Australian Government Negotiate Over Elizabeth Plant1
A report from a member of the South Australian State Parliament warns that as many as 16,000 jobs would be lost if Holden’s Elizabeth manufacturing plant, located in the city of Adelaide, were to close. The report also claimed that as much as $1.5 billion (ASD) in economic activity to the area would go up in smoke, as would as much as $83 million in state revenue.
The distress stems from GM’s notion of withdrawing from the area after 2015. This seems to mostly be due to manufacturing costs, and would rather import vehicles to Australia from Korea and elsewhere, where labor costs are cheaper. The South Australian state government has been negotiating with the company to provide investment assistance for the past several months to keep the automaker in the area.
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Manoli/Alex can you guys breaK down in more detail what is going on with Holden, there seems to be allot of rumors out there…