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Cost to Shutter Opel Plant: €1 Billion
General Motors Co.'s Adam Opel unit is likely to spend about €1 billion ($1.3 billion) to close its assembly plant in Bochum, Germany, according to the WAZ newspaper group.
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General Motors Co.'s Adam Opel unit is likely to spend about €1 billion ($1.3 billion) to close its assembly plant in Bochum, Germany, according to the WAZ newspaper group.
Labor leader Rainer Einenkel tells WAZ that roughly half the money will go to buyouts and severance payments to the company's 3,300 workers in Bochum and half to general closing and restructuring expenses. Einenkel, a member of Opel's supervisory board, was briefed by management on Saturday.
Opel's unions are still negotiating terms of the closing with the company. About 2,000 hourly workers reportedly walked out on Opel CEO Karl-Friedrich Stracke in protest when he came to the factory to tell them about the shutdown.
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