Nissan workers in Tennessee took buyouts as the offer from the company closed on September 12, 2008.
The offer to buy out 1,200 workers at the Smyrna vehicle assembly plant and at the engine plant in Decherd went out with a deadline that expired on Friday.
The buyouts include lump sum payments of $125,000, determined after Nissan North America elected that the two plants had more workers than necessary. When the deadline passed, the company refused to say exactly how many of the plants’ workers took the buyout, but added that the workers have three weeks to change their minds. Not all of the plants’ workers were eligible for the buyouts.
The lump sum payments offered by the company depending on employee tenure with the company and varied from $100,000 to $125,000 depending on terms of service. There is also a year of coverage included and a a car purchase discount. Other workers will have an opportunity for buyouts in 2009, with subsequent buyout programs planned for the next few years as well.
Nissan North America said that the buyout contract amounts would be reduced as the years pass, so employees are encouraged to snap at the first offer. Volkswagen apparently put out word to former Nissan employees for employment, but there is no word as to how that worked out as of yet.
With Nissan scaling down at some plants and improving production facilities at others, there is a sense of anticipation throughout the industry and the company as to what might be coming next for Nissan cars.
