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Opel employees agree to cuts as GM board meets to approve sale to Magna group

Article online since November 3rd 2009, 0:00
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Opel employees agree to cuts as GM board meets to approve sale to Magna group

An Opel logo on a car is seen against the blue sky over Duesseldorf. Opel's employee council says workers have agreed to make cost-cutting contributions worth US$390 million a year to ease the auto maker's sale to a consortium led by Canadian auto parts maker Magna. (THE ASSOCIATED PRESS/Frank Augstein)

FRANKFURT, Germany - Opel's employee council says workers have agreed to make cost-cutting contributions worth US$390 million a year to ease the auto maker's sale to a consortium led by Canadian auto parts maker Magna.

A statement from the council Tuesday said an important element of the agreements with European workers is "the mutual aim of doing everything to avoid plant closures and layoffs" at the General Motors Co. unit.

It said the agreements are dependent on a deal being signed to sell a majority of Adam Opel GmbH to Canada's Magna International Inc. and Russian lender Sberbank. The work force would get a 10 per cent stake.

GM's board is meeting in Detroit on Tuesday to decide whether to give that deal final approval.

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