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GM to spend $532M for Belgian plant wind-down

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GM to spend $532M for Belgian plant wind-down

Robert Snell / The Detroit News

General Motors Co. will spend about $532 million providing termination benefits to 2,600 employees at the automaker's assembly plant in Antwerp, Belgium, which will be closed by the end of this year.

The deal, disclosed in a filing today with the U.S. Securities and Exchange Commission, was reached in an agreement Monday between the automaker's European management team and employees of GM's Opel plant.

GM's European management and employee representatives will cooperate, along with the Flemish government, to find an investor to buy the plant.

The search will end in September and any potential buyer would determine how many employees it would hire, according to the filing.

Opel announced in January that the plant would close due to the shrinking European auto market. Opel is cutting 8,300 jobs across Europe, including 4,000 in Germany.

From The Detroit News: http://detnews.com/article/20100430/AUTO01/4300415/1148/auto01/GM-to-spend-$532M-for-Belgian-plant-wind-down#ixzz0mcFSBVqU

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