China Financial Daily

September 11, 2009

New Opel layoffs: GM decided to sell Opel, “the new Opel” plans to lay off 10000 people

Filed under: Financial News — Tags: — sherry @ 10:20 am -0700

New Opel layoffs: GM decided to sell Opel, “the new Opel” plans to lay off 10000 people
General Motors Corporation on September10 announced that it would sell its European subsidiary Opel to the joint acquirer formed by Canadian auto parts supplier Magna International Inc. and the Russian Federation Savings Bank.

It has lasted several months and finally settled. However, GM stressed that it still need several weeks to reach a final agreement, the future remains to be done.

According to Magna International Inc. buy-back program, the “new Opel,” plans to lay off about 10 thousand people, of which one quarter of German employees, but 4 Opel factories in Germany will continue to operate. Magna considered the closedown of a branch in Antwerp, Belgium, will affect more than 2,500 employees of Belgium.

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