GM Antwerp plant closing worker costs 400 mln euro

* GM worker deal for Antwerp plant closing by end 2010

* Termination costs to 2,600 workers total 400 mln euros

* Expects significant worker departures by end of June

DETROIT, April 30 (BestGrowthStock) – General Motors Co said on
Friday that it expected to incur costs of 400 million euros
($532 million) for termination benefits covering 2,600 workers
at an Antwerp, Belgium, plant it plans to close by the end of
2010.

GM [GM.UL] also said a search led by the Flemish government
would be conducted to try to sell the plant to an outside
investor until the end of September.

GM, which emerged from a U.S. government-supported
bankruptcy in July 2009, had planned to sell a majority stake
in its European operations, but in November opted to retain its
Opel brand and complete a restructuring.

The automaker’s attempts to restructure in Europe have met
stiff opposition from worker groups and governments aiming to
preserve jobs.

GM and the plant employees reached an agreement on the
termination benefits earlier this week.

The company expects “a significant number” of workers to
leave under the program by the end of June. The remaining
workers would receive termination benefits if they are not
hired by a new plant owner, or if an investor is not found.

Investment Advice
(euro= $1.33)
(Reporting by David Bailey; Editing by Lisa Von Ahn)

GM Antwerp plant closing worker costs 400 mln euro