Chrysler offers buyouts to 2,400 Belvidere workers

As part of its restructuring program announced in Nov. 2007, Chrysler will offer buyouts next week to more than 2,400 workers at its Belvidere, Illinois assembly plant. The plant will now become the 20th Chrysler factory to be offered buyouts since Sept.

Chrysler sales have fallen every month since the restructuring program was announced in Nov. 2007. The Belvidere buyout comes after packages were offered to more than 18,000 white-collar employees in the U.S. yesterday.

According to a Chrysler spokesman who spoke with Automotive News, all workers will have until Nov. 26 to accept the packages. If Chrysler fails to meet its goal of cutting 25 percent of its salaried work force it will start involuntary layoffs.

The white-collar buyouts also include a $25,000 voucher to buy a new Chrysler car.