General Motors is spending $532 million to provide termination benefits to 2,600 employees at the assembly plant in Antwerp, Belgium. The assembly plant will be closed as the end of the year.
The deal was disclosed in a filing with the SEC and the agreement was made between GM’s European management team and employees of GM’s Opel plant.
The company is looking for an investor to buy the plant. Opel is shutting down the plant due to the shrinking European auto marketing. Opel themselves are cutting 8,300 jobs across Europe including 4,000 in Germany. [Detroit News]