Opel raises cash by selling facilities to GM parent
By Andrew Ganz
Friday, Dec 21st, 2012
In a bid to raise much-needed capital, Opel will sell six of its facilities in Europe to its parent company, General Motors, for an amount said to keep the German automaker afloat for at least the next few years.
GM owns Opel and Opel owns production and engineering facilities scattered across Europe, but what Opel owns doesn't directly belong to GM. Opel is operated as an independent company, not as a division like Chevrolet is to Buick. As a result, the German brand is essentially the master of its own domain, even though GM relies heavily on it for global product engineering and development.
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