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Opel to Submit Restructuring Plan in Late June
Managers at Adam Opel unit will submit a turnaround plan to the company's supervisory board on June 28, CEO Karl-Friedrich Stracke told workers at Opel's assembly plant in Bochum, Germany, on Monday.
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Managers at Adam Opel unit will submit a turnaround plan to the company's supervisory board on June 28, CEO Karl-Friedrich Stracke told workers at Opel's assembly plant in Bochum, Germany, on Monday.
Opel's board is dominated by executives from parent General Motors Co. GM is demanding that Opel reverse its losses with a restructuring plan to cut costs and shed excess capacity. Bochum is widely considered the facility most likely to close when the current labor contract expires in 2014.
Stracke was reportedly booed by Bochum employees during the four-hour closed-door meeting because he would not discuss the factory's fate after 2014, when production ends for the current generation of the Zafira MPV. The facility has 3,200 workers.
Union leaders in Bochum vow to fight any plan to move Zafira production to another plant. They note that Opel's European workers agreed to €265 million ($339 million) in concessions in 2010 and insist they would accept no further cuts.
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