News Summary: GM seals deal on German plant
GM's Opel, employees secure deal to keep car production at troubled German plant through 2016
NEW DEAL: General Motors Co.'s Opel unit reached a deal with workers to keep car production going at a troubled German plant until the end of 2016, after which it hopes to keep the site open as a components factory. About 3,000 people work at the Bochum factory.
END GAME: The announcement followed long-running and rancorous negotiations on a turnaround plan for GM in Europe. GM warned a month ago that production at the Bochum plant would end two years earlier than previously planned if no new labor deal was reached.
TOUGH MARKET: Opel and other car have struggled in Europe with much of the continent stuck in recession. Employment in countries like Spain, Greece and elsewhere are hovering around 25 percent, and at 50 percent for younger consumers, usually a key demographic.
