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Opel guarantees - GM doesn't need any money: Opel withdraws all applications for guarantees

Opel guarantees - GM doesn't need any money
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D as announced Opel on Wednesday (June 16) in Rüsselsheim. The financial requirements of 3.3 billion euros for the restructuring of the company have not changed. But now the way is clear for a quick implementation of the future plan.

No further layoffs or plant closings planned at Opel

'We cannot afford new, time-consuming, complex negotiations and ongoing unsecured financing,' said Opel boss Nick Reilly, explaining the unexpected step. Instead, the manufacturer must continue to invest in new products and technologies. This includes an investment program of 11 billion euros for new products and technologies.

Despite the waiver of state aid, no further plant closings or layoffs are planned, said an Opel spokesman in Frankfurt. According to the restructuring plan, 8,300 of the 48,000 jobs are to be cut across Europe, but it could also be fewer. In addition, the plant in Antwerp, Belgium, is to be closed in order to reduce excess capacities. In Germany, the car manufacturer has plants in Rüsselsheim, Bochum, Eisenach and Kaiserslautern.

Brüderle welcomes GM decision

Federal Minister of Economics Rainer Brüderle (FDP) has welcomed Opel's waiver of state aid. 'I feel fully confirmed in my decision,' said Brüderle on Wednesday in Berlin with a view to his rejection of a federal guarantee a few days ago. This shows that the fundamentals of the market economy are paying off.

With the decision by Opel and the parent company General Motors (GM), taxpayers are spared. At the same time, fair competitive conditions are ensured. Opel can now concentrate on successfully building good cars. State aid should remain the exception.

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