GM to Spend Half a Billion Dollars on British Soccer Jerseys
General Motors closed the doors to the Shreveport manufacturing plant last year leaving hundreds of auto workers without jobs. At the end of the line, the local plant had 800 workers. But at the height of production the local plant had more than 2,000 employees.
The company has expanded its Missouri plant that is now making the next generation of mid-size pickups that were made in Shreveport. We all know about the history and the government bailout of General Motors. But I bet you don't know that GM is spending $559 million dollars to be the jersey sponsor for the Manchester United soccer team in England. That's right, Chevrolet will be plastered across the jerseys of "Man U" players beginning with the 2014 season. It's a 7 year record deal for the English Premier League team. While Chevrolet will try to build its brand in Great Britain and Europe, US taxpayers are still paying for the massive General Motors bailout from 2009. GM got nearly 50 billion from the U.S. government. Some of that money has been paid back, but our country is still holding the tab for about 12 billion dollars. Over the past 2 years, GM has become a profitable company with close to $38 billion in cash. The new contract with the UAW lets the company hire new workers considerably lower wages than older ones earn, which continues to reduce labor costs. GM's operation in China is also quite profitable.