GM and Opel workers agree on restructuring
GM and workers at its Adam Opel GmbH unit have reached an agreement on a restructuring plan that will see them contribute savings of more than euro1 billion ($1.25 billion) through 2014 to assure the company's future, Chief Executive Nick Reilly said on Friday.
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Source: GM and Opel workers agree on restructuring
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The company, part of General Motors Co., in turn, will offer its employees job security, guarantee production sites and invest more in the development of new models. Moreover, Opel workers across Europe will get their share of future profits, said Klaus Franz, who heads the company's powerful workers council. At a joint press conference in Ruesselsheim, where the company — whose brands include Opel and Vauxhall — is based, Reilly and Franz urged the German government to move swiftly to free up loan guarantees to support the company's turnaround. The company has requested loan guarantees of more than euro1 billion. "We're waiting for their answer for quite a long time," Reilly said, adding he hoped for some decision by May or June at the latest. Franz said any such guarantees would not be a bailout or a gift without strings. "We will pay the money back," he said. |
Source: GM and Opel workers agree on restructuring
