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GM targets $500 mln fixed-cost savings, job cuts in Europe

Wednesday, 31 Oct 2012 | 2:15 PM ET

DETROIT, Oct 31 (Reuters) - General Motors Co is targeting $500 million in fixed-cost savings between 2013 and 2015 and plans to make further job cuts in Europe as it seeks to break-even in the region by mid-decade, GM said on Wednesday.

GM said it will cut the shifts at its Opel plant in Eisenach, Germany, to two from three next year, according to an online presentation made after the top U.S. automaker issued third-quarter earnings earlier Wednesday.

The Detroit-based automaker posted a surprisingly strong quarterly profit and said it was targeting breaking even in Europe in mid-decade. It expects to lose as much as $1.8 billion in Europe this year.

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