General Motors to pay $572 million to close Opel plant
Having risen from the ashes of Bankruptcy, General Motors has announced that it will pay 400 million euros ($572 million) to cover the cost of termination benefits for the 2,600+ workers at its assembly plant in Antwerp, Belgium.
The factory which has made Opel cars for years is expected to close by the end of this year. The American company is looking at the possibility of selling the plant to an outsider investor by the end of September.
General Motors had previously indicated that it would sell its majority share holdings in Opel and Vauxhall, but has recently decided to perform a complete restructuring of the brands instead.
The new idea hasn't gone down all that well with European governments and worker groups who are worried about thousands of workers who may soon be out of a job.
The $570 million agreement was reached last week. Reports suggest the majority of workers will take the benefits and leave the Antwerp plant before it closes, others may stay on till a new owner is found.
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