May 29, 2018 / 6:33 PM / a year ago

Opel agrees job guarantees, investments at German sites

BERLIN/FRANKFURT, May 29 (Reuters) - German labour leaders on Tuesday agreed with PSA Group’s Opel unit on an investment plan and job guarantees for German factories in return for wage concessions.

PSA Group, which bought Opel from General Motors for $2.6 billion last year, is aiming to restore profitability by 2020 after two decades of losses at the unit.

Workers at German production sites in Ruesselsheim, Kaiserslautern, Eisenach, Dudenhofen and Bochum will have their jobs guaranteed until the summer of 2023 and investments have been budgeted for each site, according to a joint statement by the company, its works council and trade union IG Metall. (Reporting by Riham Alkousaa and Ludwig Burger; editing by David Evans)

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