GM to Release Plan for European Units in December

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GM to Release Plan for European Units in December

Submitted by editor on Fri, 11/20/2009 - 10:24

General Motors Co. said it expects to release a full restructuring plan for its Opel and Vauxhall operations in mid December, but did not specify the amount of cuts to capacity and jobs it would seek, The Associated Press reported. GM Europe released a statement late Thursday in response to what it said was a "misrepresentation" by the daily Frankfurter Allgemeine Zeitung (FAZ), which claimed that GM wanted to maintain all its European plants. GM Europe said it had to reduce capacity but that there are "multiple ways of reducing structural cost," and expects to provide details in a report next month. Nick Reilly, GM's President of International Operations and interim European chief, was quoted in the FAZ interview as saying: "We do not 'have to' close any plants. What we have to do is to reduce part of our capacity. We have to reduce part of our structural costs. And there are different ways of doing this. We are not necessarily talking about full plants. But if we have ten plants and want to reduce capacity by 20 per cent, that does not mean that we have to close two plants." GM clarified the interview's remarks with its own statement stressing that its first and foremost task is to reduce capacity. Read more.

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GM to Release Plan for European Units in December

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