Magna planning to cut over 10,500 Opel jobs
By Andrew C., 27 Aug, 2010. 0 Comments
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Last week, we announced that Magna and its Russian funding partner Sberbank agreed a 55 per cent deal to takeover Opel/Vauxhall from General Motors. As we expected, today came the bad news, following this takeover: Magna announced that it will cut over 10,500 jobs at Opel and Vauxhall across Europe. "Since spring, it was known by all the parties, including representatives of the [Opel] employees, and from the information I was given, that the number [of job cuts] mentioned by Magna only concerned the productions sector but other job cuts were feared in administration," said Germany's economy minister Karl-Theodor zu Guttenberg. To make yourself an idea about how said this news is, we found out that Opel has around 50,000 employees in Europe and 10,000 of these are in Germany!
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