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.

Adam 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.