Automotive major General Motors (NYSE:GM) plans to shutter its Arizona IT Innovation Center later this year and is slashing about 940 IT positions in Arizona, according to the Detroit Free Press.
This development comes fresh on the heels of the company giving notice to nearly 200 engineers about the elimination of their positions. General Motors is shuttering the IT center in Arizona to optimize its innovation center footprint and drive efficiencies.
The automaker is keeping the doors open at its three other IT Innovation centers in the U.S., and employees losing their jobs in Arizona can apply for other openings at the company.
The possibility of a potential strike by workers also remains a major concern for General Motors, as well as for other automakers at present. Members of United Auto Workers (UAW) are mulling a strike, and results of a vote are anticipated today. One of the major demands from the union is a 46% wage raise in a phased manner over the next four years.
Overall, the Street has a consensus price target of $50.33 on General Motors, alongside a Moderate Buy consensus rating. Shares of the company have dropped nearly 14% over the past month.
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