Major Progress for Opel/Vauxhall’s Viability Plan


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Opel/Vauxhall made significant progress in the implementation of
its viability plan.

In Spain, local management and unions reached an agreement to implement
the planned restructuring measures at the manufacturing plant in Zaragoza.
The agreement, which still needs to be ratified, calls for a socially
responsible reduction of 900 jobs in Spain.

In addition, this afternoon, the UK government announced a EUR300 million
loan guarantee to help secure Opel/Vauxhall’s operations in Britain and the
rest of Europe. The company has been in discussion with the British
Government for many months and this very positive conclusion is an important
step towards implementing Opel/Vauxhall’s pan-European viability plan.
Discussions with governments in other European countries continue, and the
company is hopeful to make similar progress.

“Today marks an important step for the future of Opel/Vauxhall,” said
Nick Reilly, Opel/Vauxhall CEO. “This shows significant progress in our
efforts to secure loan guarantees from European governments and to get
support from our employee representatives. We very much appreciate the
support of Lord Mandelson and the British Government which is a vote of
confidence in our company. I’m also grateful for the Spanish government’s
role in moderating the discussions between management and unions resulting in
the important agreement reached early this morning.”