Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  General Motors Company    GM

Delayed Quote. Delayed  - 05/27 10:01:11 pm
31.39 USD   +0.32%
05/28 GENERAL MOTORS : GM announces $14.5 billion revolving credit facilit..
05/27 GENERAL MOTORS : MY RIDE, MY STORY The lord of land yachts Shrewsbur..
05/27 Automakers recall 12 million U.S. vehicles over Takata air bags
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

General Motors Company : Opel revamp deal expected this week - German union

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/28/2013 | 01:35pm CEST

German union IG Metall expects to strike a deal this week with General Motors Co's Opel unit over the restructuring of the carmaker's German operations.

"We are just about to reach an agreement," said a spokesman for IG Metall on Thursday.

The negotiations, which started in June and were supposed to complete by the end of October, could be concluded on Thursday but may need an extra day, according to the union spokesman.

Opel could not be reached immediately for comment.

The deal is expected to extend job guarantees by another two years to 2016 for all four German plants, which together employ around 20,000 workers.

At the start of 2017 at the latest, however, assembly lines at the Bochum car plant will cease running and only some components and warehousing jobs will remain under the deal.

A union source involved in the negotiations told Reuters labour leaders were not willing to agree on further wage concessions and job cuts in Bochum.

Workers fear GM wants to "hollow out" Opel, where labour has had certain rights under German law ever since it became a joint stock company in 2010.

Operating assets outside of Germany once owned by the company were being successively regrouped directly under parent GM, triggering union suspicions that Detroit wanted to undermine union influence in product, investment and strategy decisions.

Unions want to avoid further decisions such as the one taken a year ago to build the Opel Antara SUV in South Korea, taken by parent GM above the heads of Opel management and its supervisory board, in which unions have a seat at the table.

GM's second-largest brand behind only Chevrolet, Opel has lost billions in recent years as Europe's car market has plumbed near 20 year lows, despite repeated bouts of job cuts that included closing a car plant in Belgium at the end of 2010.

(Editing by David Holmes)

By Jan Schwartz and Christiaan Hetzner

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on GENERAL MOTORS COMPANY
05/28 GENERAL MOTORS : GM announces $14.5 billion revolving credit facility
05/27 GENERAL MOTORS : MY RIDE, MY STORY The lord of land yachts Shrewsbury man owns m..
05/27 Automakers recall 12 million U.S. vehicles over Takata air bags
05/27 GENERAL MOTORS : Ohio State defends its title and wins second year of EcoCAR 3 c..
05/27DJU.S. HOT STOCKS : Hot Stocks to Watch
05/27 GENERAL MOTORS : GM recalls 2.2 million cars in China
05/26DJGENERAL MOTORS : GM Agrees to $14.5 Billion Revolving Credit Facility -- Update
05/26DJGENERAL MOTORS : GM Agrees to $14.5 Billion Revolving Credit Line
05/26 GENERAL MOTORS : GM Announces $14.5 Billion Revolving Credit Facility
05/26DJGENERAL MOTORS : GM Agrees to $14.5 Billion Revolving Credit Facility -- 2nd Upd..
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials