Henderson, Reilly Meet with Euroda

GM CEO Fritz Henderson, together with Nick Reilly, a temporarily assigned leader at Opel and Vauxhall, have met with Opel/ Vauxhall’s dealer body, Euroda. "It has been a constructive meeting and Euroda is looking forward to cooperate in a positive way," says Jaap Timmer, Euroda chairman.

During the meeting, Henderson said it had “absolutely not been GM's intention to create a big stir by announcing that GM would retain Opel/Vauxhall.” After apologizing for the situation, he added that “nobody was considering an insolvency for Opel/Vauxhall: not necessary and highly unlikely.

Henderson also explained that Opel/Vauxhall will remain a part of GM, and that they are not exploring alternatives. Unfortunately, there is a need for restructuring the European Opel/Vauxhall organization, in order to make a sustainable profit in the future.

"We obviously had a situation in Europe where the market has fallen significantly," Henderson recently stated in an interview with American media. "It's important to not walk away from it. The business does need to be addressed and restructured. It has to be. Anybody's plan, whether it's ours, Magna, whoever's, was going to do that."

"And so, I think it is certainly important that that stays foremost on our list of things to do because I don't think anybody wants to be involved in this, whether it's GM, whether it's the German government, in any sort of initiative that would leave the business unaddressed. We have to address the business requirements. Therefore we will present a strategic operating plan that is viable for the longer term. And we feel confident that this plan will be financeable without any doubt."

You might know that a transition team has been put together and GM will shortly start to look for a new head for its Opel/Vauxhall operations, “most likely a European or even German manager”, according to Euroda.

"Euroda is very pleased with the outcome of yesterday's meeting with Henderson and Reilly," said Timmer.
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