German Leader Welcomes GM Investment
FRANKFURT, Germany (AP) — German Chancellor Angela Merkel has welcomed General Motors' decision to invest another 4 billion euros ($5.3 billion) in European subsidiary Opel by 2016 as part of an attempt to turn the money-losing division around.
Merkel met with GM Chairman and CEO Dan Akerson and other company officials Thursday in Berlin.
Her office said in a statement she was "confident of the ability of Opel's workforce to innovate."
GM's board of directors travelled to Germany to underline the company's commitment to Adam Opel AG, headquartered in Ruesselsheim, and to discuss turnaround plans. Those include new models, common purchasing and development with partner PSA Peugeot Citroen, and entering new markets.
GM plans to close a plant in Bochum, Germany, at the end of 2014 after employees there rejected a restructuring plan.