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News and Information about belgium

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Volvo secures $261 million loan from Flemish state to fund Belgium production

To help cement the future of Volvo Car Corp.’s Ghent plant in Belgium, the carmaker has secured a 198 million euro ($261 million) loan supported by the Flemish regional government.

In a statement, Volvo CEO Stefan Jacoby said that the loan secures investments and jobs in Ghent and gives Volvo Car Corporation with funding stability for car projects in its Belgian factory. After posting a pretax loss of $653 million in 2009, it’s apparent that Volvo needs major investment to return to profit.

Last October, Volvo had said it had made an operating profit in the third quarter of 2010. No details were given but Volvo claims to have been profitable since the start of 2010.

Read the entire article Volvo secures $261 million loan from Flemish state to fund Belgium production

Rise in new-car sales in Belgium prompts D’Ieteren to raise 2010 forecast

D'Ieteren, a Belgian dealer group, raised its 2010 profit forecast after its third quarter was driven by strong sales of new cars in Belgium. Its profit forecast was also helped by a steady return of business customers to its rental business.

It owns 60 percent of car rental company Avis Europe. D'Ieteren recently said it now expects pretax profit to increase by 30 percent in 2010, up from a previous forecast of 25 percent.

Also raising its third quarter was another good performance as D'Ieteren's car windshield sales benefited from a strong dollar. Pascale Weber, a KBC Securities analyst, increased her target price on the stock to EUR480 from EUR450, with an unchanged "buy" rating.

Read the entire article Rise in new-car sales in Belgium prompts D’Ieteren to raise 2010 forecast

GM will shut down its plant in Antwerp, Belgium

Opel may have come a long way since its financial troubles last year but it’s still not in the clear and one evidence of that is the fact that its plant in Antwerp, Belgium, will be shut down.

Last April, GM announced the imminent closure of the facility but there was still some hope as buyers were being considered for the plant.

Autonews said that the Antwerp facility will be closed by the end of the year and its 1,300 employees will be let go in what Opel described last April will be in a “socially responsible way."

Read the entire article GM will shut down its plant in Antwerp, Belgium

GM to close Opel plant in Antwerp

A General Motors Co. plant in Antwerp, Belgium, will be shut down in accordance with a deal that GM's Opel/Vauxhall unit has entered with the unions. Last January, GM revealed that it planned to close the plant under a restructuring plan to cut European capacity by a fifth to help Opel to gain profitability within the next two years.

Opel unions sought to challenge the closure plan of the 120,000-unit plant that held 2,560 workers. 

But last Sunday, the unions were agreeable to a compensation package that offers workers up to 144,000 euros ($193,000) in compensation, a plant spokeswoman told press agency, Deutsche Presse-Agentur.

Read the entire article GM to close Opel plant in Antwerp

Talks are ongoing for a labor proposal to save an Opel plant in Antwerp, Belgium, from being shut down, according to an Opel spokesman. A source said that the proposal anticipates finding a private investor who could potentially cooperate with Opel in producing convertible models.

In late January, CEO Nick Reilly said that it had plans for its Antwerp plant to close by June or July, unless an alternative could be found through negotiations with the unions.

Reilly said that GM has made several attempts to find another way but it had failed to do so. Back then, Reilly had said that the company is losing money and that there has to be action.

Read the entire article Opel discussing a labor proposal to rescue the plant in Antwerp

With the likelihood that fewer jobs will be lost, the union leaders in Belgium are opening up to a plan by General Motors Co. to grant a stay of execution to its Opel plant in Antwerp.

Last January, GM announced that Opel Antwerp would shut down at the end of June. This led to unions announcing the suspension of talks over GM's bid to secure 265 million euros ($358 million) in annual wage cuts over the next five years.

Last Monday, GM said that it was now suggesting that the Opel Antwerp plant be allowed to look for an investor until the end of September.

Read the entire article Opel plant in Antwerp might be saved by General Motors