It has been revealed that over 11,000 jobs are to be cut across Europe, 1,400 of those are in the UK. These cuts are happening after Magna, the Canadian-based spare parts venture, agreed to take over Opel and Vauxhall from General Motors.
Magna’s restructuring of Opel is yet another sign that Europe’s auto industry is flagging in the face of the recession, despite the spate of ‘cash incentives’ offered to consumers to buy new cars.
Link : www.cxo.eu.com
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