Vauxhall parent begins restructuring planNov 05, 2009
An improving business environment and the importance of the two brands to GM’s global strategy are the reasons given for the decision, which has brought a mixed reaction at Vauxhall’s Luton plant.
President and chief executive officer Fritz Henderson said: “GM will soon present its restructuring plan to Germany and other governments and hopes for its favourable consideration.
“We understand the complexity and length of this issue has been draining for all involved. However, from the outset, our goal has been to secure the best long-term solution for our customers, employee, suppliers and dealers. This was deemed to be the most stable and least costly approach for securing Opel/Vauxhall’s long-term future.”
GM will work with all European labour unions to develop a plan for meaningful contributions to the restructuring.
Mr Henderson said: “While strained, the business environment in Europe has improved. At the same time, GM’s overall financial health and stability have improved significantly over the past few months, giving us confidence that the European business can be successfully restructured.
“We are grateful for the hard work of the German and other EU governments in navigating this difficult economic period.”