Opel to close German plant in 2016, fears continued Euro slump [cardvd-player.net]

The European financial crisis claimed another victim, Opel said it will close its Bochum, Germany. The closure is set to occur by 2016, when the current Zafira minivan production ends. According to Automotive News Europe, parent company General Motors is looking to reduce the impact of 3,300-strong workforce to adapt the plant to focus on component and deployment efforts.
According to the report, GM believes that Europe’s economy will not recover until 2014 and that this move was inevitable. GM expects a loss of between $ 1.5 billion to $ 1.8 billion from its brands Opel and Vauxhall in Europe. If you want to try to stop the bleeding, Opel is forced to say goodbye to 2,600 employees, resulting in a $ 300 million spending cut. Another $ 500 million in cost savings is exempt from 2013 to 2015, as part of a plan called 2022 Opel unit. The decade-long plan lies in cost reduction, restructuring, refocusing product and marketing. As part of this plan, Opel will launch 23 new models until 2016.
Still, the plant closing comes as a blow to many employees of Opel, and the Union is hoping to save the plant from Bochum. Trade unions, as well as the German Government expects General Motors to compensate those who lose their jobs in the closure with proper compensation packages. GM Europe has said that he is trying to move the production of the component of the Ruhr Valley region, where the factory of Bochum. He will be able to save some jobs through this work, but certainly not all 3300.
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