Opel restructuring plan talks should be finished by mid-February

Article by Christian A., on August 26, 2010

Talks with General Motors Co.'s management over a plan for the future of its European unit are expected to be concluded by the middle of February, according to Opel labor leader Klaus Franz.

However, the labor leader says that there isn't a large time window before they're able to get everything resolved.

When asked if a management plan to halve Opel's expected 2009 loss to only 1 billion euros ($1.4 billion) next year was realistic, Franz responds that he didn't come up with those numbers but he assumes that special effects are excluded. He was referring to charges related to 8,300 planned job cuts in Europe.

Franz relates that if Opel had already been restructured then its 2009 loss would have been 700 million to 900 million euros higher. The cutting of jobs had been repeatedly put off.

Franz added that labor's demands for Opel's plant in Antwerp, Belgium, to be kept open and to there be no forced layoffs continue to be disputed.

He said that another glaring obstacle is whether GM would agree to reduce the 5% royalty Opel paid to the parent company for every car sold.

Franz is in talks with GM over offering 265 million euros in wage concessions for the 50,000 employees at Opel and British sister brand Vauxhall. 

Topics: opel, germany

If you liked the article, share on:

Comments

Recommended

While Tesla Motors continues to struggle with regards to the assembly of its much awaited Tesla Model 3, investment firm Oppenheimer & Co. is confident that its previous production estimates...
by - October 22, 2017
It seems that BMW’s high-performance division -- BMW M – still has not warmed up to front-wheel drive vehicles. So those who had been looking forward to BMW M vehicles...
by - October 22, 2017
Porsche already has the Performance Package for their range-topping Macan Turbo, which is currently available in some countries. Soon, this model will be dethroned by something even fancier by the...
by - October 22, 2017
After the highly dynamic Polestar 1 two-door coupe – Polestar’s first ever production car -- was recently unveiled, not a few people’s curiosity was piqued as to how much they...
by - October 21, 2017
The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries