General Motors To Pay 400M Euro to Close Opel Plant at Antwerp in Belgium

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General Motor’s plan to shut down Opel plant at Antwerp, Belgium will have the company to incur costs of upto 400 million euros ($532 million) for termination benefits of 2,600 workers employed at this plant.

GM, which had planned to sell a majority stake in Opel and UK sister brand Vauxhall, retained the brands and restructured them. The restructuring has been heavily opposed by the workers and the governments, aiming to preserve the jobs.

GM is also trying to sell the plant to an investor with the help of Flemish government. The deadline to reach a deal is the end of September.

The company expects “a significant number” of workers to leave under the program by the end of June. The remaining workers would receive termination benefits if they are not hired by a new plant owner, or if an investor is not found.

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