Euroda meets with Reilly, Henderson

Posted on Thursday, 12 November 2009 , 10:11:44 byEmil

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Euroda meets with Reilly, Henderson

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

Henderson said, during this meeting, it had 'absolutely not been GM's intention to create a big stir by announcing that GM would retain Opel/Vauxhall'. He apologized for this situation and affirmed that 'nobody was considering an insolvency for Opel/Vauxhall: not necessary and highly unlikely'.

Henderson explained also that Vauxhall/Opel will still remain a part of General Motors, they aren't exploring for any alternatives. But, there's a real restructuring need for the European organization of Opel/Vauxhall, if there's a chance for profit sometime in the future.

Henderson said recently on an interview with th US media 'We obviously had a situation in Europe where the market has fallen significantly. 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'.

A transition team is ready and General Motors will begin shortly to look for a brand new head for the operations of Opel/Vauxhall, 'most likely a European or even German manager' Euroda said.

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