Share

Opel to unveil restructuring plan

Frankfurt - Opel boss Nick Reilly will on Tuesday present his plan for the future of the ailing General Motors unit, the company said, as workers across Europe fear for their jobs.

Reilly is expected to hold a news conference.

Until now, Reilly had said that approximately 8 300 jobs would be cut across Europe from a total workforce of around 50 000.

Some 4 000 jobs at General Motors' European subsidiaries Opel and Vauxhall are expected to be slashed in Germany.

The firm has already announced that its Belgian plant in the northern city of Antwerp would close, probably by the summer, with the loss of 2 600 jobs.

The announcement prompted threats of strike action by unions, as well as protests in Antwerp and in Brussels.

Opel needs €3.3bn to finance its plan, and hopes to get €2.7bn of it from countries where Opel and its British sister brand Vauxhall have operations.

German Economy Minister Rainer Bruederle and British Business Minister Peter Mandelson said at a joint press conference on Friday they would carefully consider any appeal for aid immediately after a business plan had been presented.

GM had initially decided to sell Opel/Vauxhall but changed its mind after its own rescue by the US government, and has decided to turn the European unit around itself.

- AFP

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.82
+1.1%
Rand - Pound
23.50
+1.2%
Rand - Euro
20.13
+1.3%
Rand - Aus dollar
12.30
+0.8%
Rand - Yen
0.12
+2.3%
Platinum
922.30
-0.4%
Palladium
958.00
-3.3%
Gold
2,334.19
+0.1%
Silver
27.21
-0.8%
Brent Crude
89.01
+1.1%
Top 40
69,358
+1.3%
All Share
75,371
+1.4%
Resource 10
62,363
+0.4%
Industrial 25
103,903
+1.3%
Financial 15
16,161
+2.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders