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October 12, 2004

GERMANY: GM wants to cut Europe costs by over 500 million euros

GM aims to cut its costs in Europe by more than half a billion euros in a drive to return to profits, the Financial Times Deutschland paper reported on Monday, citing an unidentified GM executive.

By bcusack

GM aims to cut its costs in Europe by more than half a billion euros in a drive to return to profits, the Financial Times DEUTSCHLAND paper reported on Monday, citing an unidentified GM executive.

The report comes amid a disagreement between the company and labour unions over management plans to freeze pay in Europe.

“This is a not a question of heads (to be laid off), but rather a financial number, and this number will be higher than at DaimlerChrysler ,” it quoted a GM manager as saying.

He was referring to a deal that DaimlerChrysler clinched in July that will save the company 500 million euros a year in labour costs from 2007 in return for job guarantees.

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