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GM’s Opel Not For Sale and No Plans For Further Plant Closures

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GM’s Opel Not For Sale and No Plans For Further Plant Closures

GM’s Opel division announced it has no plans to close more factories at the moment.

Today, January 10th, Opel’s interim Chief Executive Thomas Sedran said at a ceremony at the automaker’s plant in Eisenach, Germany, that even if the European auto market is expected to shrink 4% this year, the car maker has no plans for future plant closures.

To deal with another matter, GM’s vice chairman and Opel’s head of supervisory board Steve Girsky said that Opel is not up for sale and that the US automaker will continue to invest in its European division.

“GM is committed to Opel and wants the brand to grow in a profitable way,’’ Girsky said in a statement back in June. “To realize Opel’s full potential, we will continue to optimize its cost structure, improve margins and better leverage GM’s scale.’’

GM currently manages four brands in Europe – Cadillac, Chevrolet, Opel and Vauxhall – and Girsky says there needs to be greater inter-company technology sharing for them to be successful individually and as a group.

In December 2012 Opel agreed to sell to GM a development center in Turin, Italy, an engine plant in Hungary, a factory in Gliwice, Poland, and several other assets, a deal which would offer the automaker funding through the end of 2016 and the possibility to pay back GM a loan by the end of 2014.

by Ana Cezara Savin (my Google+) - Thursday, January 10th, 2013 - filed under General Motors, News, Opel. Image credit: .
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