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NINETY EIGHT REGENCY

Union puts GM French factory plan in doubt

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Union puts GM French factory plan in doubt

July 26, 2010 06:01 CET

STRASBOURG (Reuters) -- A plan to maintain operations at a General Motors Co. parts plant in eastern France was in doubt after a labor union refused to sign a deal on Friday to freeze salaries and cut working days.

Three other unions agreed to the deal after more than 1,000 of 1,150 workers voted this week to accept conditions set by the carmaker to keep the plant open.

GM had said it needed all four unions to agree for it to complete the repurchase of a plant it put up for sale in 2008 to help raise cash at the height of the financial crisis.

"The conditions have not been met. General Motors Strasbourg will inform General Motors Co. ... and the headquarters will decide if it will maintain the offer," management of GM's French subsidiary said.

The Strasbourg factory is under Motors Liquidation Co, the entity charged with selling off GM's unwanted assets to reduce its debts.

After emerging from bankruptcy in the summer of 2009, GM opted to buy back the plant which produces automatic transmission systems for GM and BMW AG cars.

On July 16, it offered to repurchase the plant for a symbolic one euro on the condition that costs would be reduced by 10 percent.

Read more: http://www.autonews.com/article/20100726/ANE/307239920/1193#ixzz0unXTOw3j

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