Inside Report (1)
A bright spot among the news of corporate closings.
Last year, GM prepared to shut down an old, expensive Hyatt bearing plant in Clark, N.J. - meaning lost jobs for workers and severe hardship for the community. Workers bought the plant for $53 million. The purchase, partially supported by future GM orders, kept operations going. Some 855 are now employed and 750 more are to be hired within four years as the plant is modernized. Recently, $5 million in federal grants were awarded to help finance the modernization. The company, now Hyatt-Clark Industries, will also put money into the project.
Observers say Hyatt-Clark ''is a unique example of what can happen when workers participate in management.''