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August 22, 2017

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Opel's supervisory board approves turnaround plan

FRANKFURT -- German automaker Opel said on Thursday its supervisory board has approved deep restructuring to steer the firm, a loss-making unit of U.S. car giant General Motors, back into profit.

"At its meeting today, the supervisory board of Adam Opel AG approved a business plan that will be fundamental in steering Opel back to profitability on a lasting basis," the car maker said in a statement.

The measures include "massive investment in the product range of the Opel and Vauxhall brands, and a new marketing strategy," the statement said.

Material, development and production costs will all be cut and "better use made of synergies arising from the tie-up between GM and French partner PSA Peugeot Citroen."

"The plan paves the way for a strong future at Opel," said GM vice chairman and supervisory board chief Stephen Girsky.

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