STOCKHOLM/WIESBADEN (Reuters) - General Motors was grappling with the future of two European units on Wednesday, seeking options for Saab after a sale collapsed and preparing to show unions its Opel restructuring plan.
General Motors said Wednesday that it is withdrawing applications for some €1.8 billion ($2.2 billion) in European government aid to its Opel and Vauxhall units and will fund their restructuring itself.
German automaker Opel said Friday that General Motors' Nick Reilly has been named new chief executive responsible for Opel and its sister brand Vauxhall as part of a broad restructuring.Opel's supervisory board named Reilly, already head of General Motors Europe, to the post, making him "responsible for all Opel/Vauxhall activities worldwide," a statement said.Reilly, from Britain, has already begun drawing up a tough restructuring plan for Opel that includes 8,300 job cuts and could cost European governments up to 2.7 billion euros (3.9 billion dollars) in state aid.
Opel boss Nick Reilly presented on Tuesday a plan for the future of the ailing General Motors unit, with a forecast loss of 8,300 jobs from a total of around 50,000, as expected.Fewer than half the cuts, or 3,911, would take place in Germany, Reilly said, while confirming the shut down of a plant in Antwerp, Belgium with the loss of 2,377 jobs.Spain would also be affected with the loss of 900 jobs, while more than 500 were slated to be cut in Britain."We have no time to waste," Reilly told a news conference in Frankfurt, near Opel's headquarters in Ruesselsheim.
RUSSELSHEIM, Germany (Reuters) - General Motors' German unit Opel agreed to a restructuring plan that aims to save as many jobs and factories as possible but needs 3.3 billion euros ($4.18 billion) in state aid, GM officials said.