Magna International Inc. says it will present a detailed business proposal for General Motors’ European operations by September.
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Co-Chief Executive Officer Siegfried Wolf told a Bloomberg Television interview that the company plans to talk to the management of every GM facility in Europe to work out “precise numbers”.
Bloomberg notes that Magna’s proposal includes the elimination of up to 11,000 jobs across Europe, including 2,600 Opel workers in Germany although the company says the future of Opel’s four assembly plants in Germany is not in question. Wolf was non-committal about the future of Vauxhall’s commercial vehicle plant in Luton, England, adding that individual businesses need to be profitable.
Wolf wouldn’t rule out another acquisition “if it makes sense to our shareholder community,” he said, adding that at the moment “we have enough on our plate.”
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