Business News
Spanish Opel employees ratifying deal with Magna
Oct 26, 2009, 15:24 GMT
Zaragoza, Spain - Trade unions at a Spanish Opel plant said Monday they are in the process of ratifying an agreement reached with the Canadian-Austrian Magna consortium on the future of the plant near Zaragoza.
A committee representing Spanish Opel employees was expected on Tuesday to call off four days of work stoppages in protest at Magna's plans to cut jobs at the factory.
Unions and Magna last week agreed on an industrial plan which will only slash 900 jobs, instead of the initially planned 1,300 jobs, at the car factory, which employs 7,500 people.
Magna hopes to take a majority stake in the struggling carmaker, which is expected to cut 10,500 jobs in Europe. However, the deal is pending a decision by General Motors as to whether it will actually sell Opel.
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