The European arm of General Motors has agreed to work with labor representatives to implement a turnaround plan without forced layoffs or factory closures. The General Motors German unit Opel booked a record loss of $460 million in 2000, dragging GM Europe to an overall loss of $257 million. In an attempt to break their downward spiral and return to profit, General Motors announced the shedding of thousands of jobs and the closing of one of their 13 car plants last week. Component factories and other businesses are also to be sold or joined with outside suppliers. Details of the agreement between GM Europe's works council and the company are yet to be worked out.
See "GM's Opel Agrees to No Forced Layoffs", The New York Times, August 19, 2001