German minister blasts GM Opel plan
By George Frey |
December 4, 2009, Friday
|
Print Edition
Print Edition
GERMANY'S economic minister blasted GM's restructuring plan for its Opel subsidiary on Wednesday as Opel named two General Motors Corp executives to its supervisory board and announced that the unit's CFO had resigned.
Rainer Bruederle said the summary of the 3.3 billion euro (US$5 billion) concept - 600 million euros of which GM wants to cover itself - was not a "request for state aid" and criticized it for failing to address several key concerns.
"None of the important questions concerning Opel's future are addressed in the paper," Bruederle said, including how much freedom Opel will have in determining its model lineup and what role greener technologies will play in its future.
Adam Opel Gmbh spokesman Stefan Weinmann said the company had provided the government with details on capacity reductions that it still had to discuss with officials in Berlin. He said that was the first step in GM Europe's plans and that the company wanted to discuss it with the government "very soon."
GM Europe has said it will provide a detailed plan for its European operations by mid-December.
Meanwhile, Nick Reilly, the president of GM international operations, and Walter Borst, vice president and treasurer of GM corporate finance, were named to the Opel board.
"Nothing has really changed regarding our work here in Europe," Reilly said after the announcements. "We are continuing our aggressive approach to make the Opel and Vauxhall business viable."
Reilly and Borst succeed Bob Lutz, who stepped down from the Opel supervisory board at his own request, and Carl-Peter Forster, who also resigned recently.
Rainer Bruederle said the summary of the 3.3 billion euro (US$5 billion) concept - 600 million euros of which GM wants to cover itself - was not a "request for state aid" and criticized it for failing to address several key concerns.
"None of the important questions concerning Opel's future are addressed in the paper," Bruederle said, including how much freedom Opel will have in determining its model lineup and what role greener technologies will play in its future.
Adam Opel Gmbh spokesman Stefan Weinmann said the company had provided the government with details on capacity reductions that it still had to discuss with officials in Berlin. He said that was the first step in GM Europe's plans and that the company wanted to discuss it with the government "very soon."
GM Europe has said it will provide a detailed plan for its European operations by mid-December.
Meanwhile, Nick Reilly, the president of GM international operations, and Walter Borst, vice president and treasurer of GM corporate finance, were named to the Opel board.
"Nothing has really changed regarding our work here in Europe," Reilly said after the announcements. "We are continuing our aggressive approach to make the Opel and Vauxhall business viable."
Reilly and Borst succeed Bob Lutz, who stepped down from the Opel supervisory board at his own request, and Carl-Peter Forster, who also resigned recently.
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