Opel Workers Agree to Cuts

Kate Yule
Tuesday, November 3, 2009

Opel’s employee council says workers have agreed to a cost-cutting deal that’s worth US$390 million a year.

The employee council says the aim of both sides is to avoid closing plants and laying off workers.

The agreement is dependent on a deal to sell a majority of the General Motors unit to Canada’s Magna International and Russian lender Sberbank.

The work force would get a 10 per cent stake.

General Motor’s board will meet in Detroit to decide whether to approve the deal.