Magna: 10,500 Opel Jobs in Europe Could be Cut

By: Associated Press Email
By: Associated Press Email

FRANKFURT (AP) - A top executive at Magna International Inc. is saying that as many as 10,500 jobs at automaker Opel in Europe could be cut, with nearly half of those coming from Germany.

Speaking to reporters at a press conference in Frankfurt, Magna's co-chief executive Siegfried Wolf said Monday the cuts were part of the Canadian's company plans for Adam Opel GmbH. Magna, along with Russian lender Sberbank, will acquire 55 percent of General Motors Co.'s unit.

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