Opel workers OK cost cuts
Last Updated: Tuesday, November 3, 2009 | 11:36 AM ET
The Associated Press
Opel's employee council says workers have agreed to make cost-cutting contributions worth $390 million US a year to ease the automaker's sale to a consortium led by Canadian auto parts maker Magna.
A sign reading Opel is seen in front of the Opel headquarters in Ruesselsheim, central Germany. The board of General Motors will decide on giving final approval to the sale of the company on Tuesday. (Michael Probst/Associated Press) 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 workforce 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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