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Business

Opel Plants to Stay Open for Now

Despite a massive cost-cutting plan at General Motors' German unit, Adam Opel, the four Opel plants in Germany are slated to remain in operation for the time being, according to a report in Monday's Bild newspaper. The decision to spare the four German locations from closure was reached during negotiations currently going on between labor officials and General Motors (GM) managers. Negotiators are working on a package of voluntary redundancies, early retirement and shifts of staff into state-subsidized "transfer companies" to avoid forced lay-offs, people close to the talks said. GM has insisted on cutting 10,000 of the 32,000 jobs currently in Germany. According to the newspaper report, some 6,000 employees would be shifted into the "transfer companies" and the remaining work force would be asked to take a 15 percent reduction in pay. However, an agreement must still be approved by GM headquarters in Detroit. GM, the world's largest automaker, has not made a profit in Europe since 1999.

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