Opel/Vauxhall has detailed further information concerning its European framework agreement signed in Russelsheim yesterday (31 May).
Key to the deal are some EUR265m (US$324m) in labour cost savings that will now be ploughed back into new models, as well as strengthening the International Technical Development Centre (ITDC) in Russelsheim.
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New products include a convertible, a small car below the Corsa Junior, a new Combo Van, a small combustion engine (SGE) and a new generation Insignia, whose production will be brought forward from 2016 to 2015.
The EUR265m cost savings will be paid into a trust fund to be used for the new products.
Of that finance, 25% will be transferred from the trust to Opel/Vauxhall once projects have been signed off, 25% will move to the manufacturer following production investment and the remaining 50% once cars are built and introduced to the market.
Should those new brands not come to fruition, the funds will be returned to employees.
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By GlobalDataAdam Opel GmbH will also be transformed into an AG. In a GmbH, the owners have a direct say in the actions of the management board, whereas in an AG, the management board reports to the supervisory board.
The company will also introduce a profit sharing scheme for staff – excluding executives – although this will only happen when Opel/Vauxhall makes an “accumulative profit that is, once losses have been balanced out.”
The ITDC will be responsible for the global compact vehicle and global compact high roof vehicle architectures. A separate contract for this will be drafted.
