The 103-year-old Oldsmobile brand will be history.

General Motors Corp. announced today (Dec. 12) it will phase-out the Oldsmobile division over the next several years, the Associated Press reported.

The phase-out will allow GM to reduce its salaried workforce in North America and Europe by 10% next year.

GM’s Olds and Pontiac brands have been nearly indistinguishable for years and the elimination of the Olds brand had been rumored for years.

But now it’s official.

“We stretched to find profitable ways to further strengthen the Oldsmobile product line, including developing products with our global alliance partners, but in the current environment there was no workable solution,” said GM president and CEO Rick Wagoner.

GM’s Oldsmobile operation is the successor to the Olds Motor Vehicle Co., founded in 1897 in Lansing, Mich., by Ransom Ely Olds.