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20/08/2001
Vauxhall’s profits plummet
Vauxhall’s profits have plummeted as its decision to cease car production at its Luton plant left the company with a £191 million loss last year.
This was marked in contrast to its £127 million profit the previous year, as the car manufacturer had to allow £234 million for restructuring costs at Luton, according to a Vauxhall report. The company will end car production at Luton in March next year.
Vauxhall has said that to avoid redundancies employees will be transferred to other sites and other sites offering voluntary pay-offs.
Vauxhall’s parent company General Motors (GM) announced its decision in December to close the Bedfordshire plant in a move that shocked unions.
Union leaders accused GM of singling out the UK operations unfairly in a cuts programme affecting the company’s operations across Europe. But Vauxhall blamed the closure decision on huge over-capacity in the car market and on heavy European losses. (CD)
This was marked in contrast to its £127 million profit the previous year, as the car manufacturer had to allow £234 million for restructuring costs at Luton, according to a Vauxhall report. The company will end car production at Luton in March next year.
Vauxhall has said that to avoid redundancies employees will be transferred to other sites and other sites offering voluntary pay-offs.
Vauxhall’s parent company General Motors (GM) announced its decision in December to close the Bedfordshire plant in a move that shocked unions.
Union leaders accused GM of singling out the UK operations unfairly in a cuts programme affecting the company’s operations across Europe. But Vauxhall blamed the closure decision on huge over-capacity in the car market and on heavy European losses. (CD)
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