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24 June 2017 10:42 (South Africa)

GM puts closure of Opel plants on hold

General Motors won’t close any of its four Opel plants in Germany, a decision that seems intended to stay on the right side of German government officials who control billions of euros that will nurse the US car giant back to health. But about 9,000 jobs will be lost across Europe, with up to 60% of those going in Germany, so GM’s decision is bound to cause further political ructions. GM had earlier agreed to sell a majority stake in Opel to Canada’s Magna car parts company, and its Russian partner, but reneged on the agreement earlier this month, saying it would restructure Opel instead. The carmaker added that the fate of its Opel plant in Antwerp, Belgium, is still uncertain. Read more:  The New York Times

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