Opel wage concessions to fund new models: source

By IBTimes Staff Reporter | May 21 2010 8:16 AM

Opel will finance the development of new products using wage concessions from its European workforce worth 265 million euros ($329 million) annually, a source familiar with the matter said on Friday.

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According to a deal worked out between labor leaders and management due to be signed next week, the savings would be administered by a trustee who would guarantee the proper use of the funds.

(Reporting by Angelika Gruber)

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