About 8,300 jobs will be cut at Opel/Vauxhall as part of a five-year plan that has a goal of cutting capacity by 20%, refreshing 80% of its product lineup and bringing the company into profit by 2012.
Opel/Vauxhall, a General Motors division, added that the 11 billion euro ($15 billion) plan needs 3.3 billion euros to run the company during the restructuring. To reach the sum, the division will request European governments with Opel/Vauxhall operations for loans or loan guarantees of 2.7 billion euros. As part of the plan, Opel will proceed with closing the factory in Antwerp, Belgium, to cut capacity to match weaker demand for new cars.
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