Opel CEO Demant and works council leader Franz pose during a news conference in Ruesselsheim
Hans Demant, CEO of General Motors' Opel brand, and Klaus Franz (L), leader of the Opel works council, pose during a news conference at the Opel headquarters in Ruesselsheim near Frankfurt December 9, 2004. General Motors confirmed on Thursday it would cut 12,000 jobs in Europe over two years -- around a fifth of its workforce in the region -- to lop 500 million euros ($673 million) from its fixed costs. The step aims to address chronic losses in Europe by the world's biggest carmaker, which has not made a profit here since 1999 and sees no quick upturn in a market by sluggish sales and intense pricing pressure.
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