GERMANY: Opel Supervisory Board approves restructuring plan
The Supervisory Board of Adam Opel AG has approved a new business plan which is supposed to return the GM subsidiary to sustainable profitability
According to a company statement, the plan addresses:
- Investments in the Opel/Vauxhall product portfolio, combined with a new sales strategy
- A revised brand strategy
- Plans aimed at reducing material, development and production costs and further leveraging synergies from the alliance between GM and PSA Peugeot Citroën, and
- A redefined export and market expansion strategy
Stephen Girsky, Vice-Chairman, General Motors and Chairman, Opel Supervisory Board, said: "The plan we approved today paves the way for Opel's strong future. GM stands behind Opel, and encourages both its management and employee representatives to continue working together to better satisfy customers and return quickly to profitability."
Wolfgang Schäfer-Klug, Chairman of the European Employee Forum and Vice Chairman of the Supervisory Board of Adam Opel AG added: "The 2012-2016 business plan approved by the Supervisory Board is a good basis for the future of Opel. The support by GM shows how important European engineering and the European Opel/Vauxhall sites are to the company. Opel must focus on its strengths in order to grow and secure jobs even in a difficult market environment."
Other than having issued the above quotes from Board executives, neither GM, nor Opel, nor Vauxhall Motors has expanded upon the details of the new plan.
Author: Glenn Brooks