BERLIN -- Opel has reached an agreement with workers on investments at German sites and job protection measures.
"Opel has now concluded the future collective agreement until July 2023 based on the position paper agreed in May," the automaker said Friday in a joint statement with the IG Metall union and works council representatives.
The accord includes "extensive" employment protection measures, unspecified investments in Germany and the replacement of employment commitments made under Opel's previous owner, General Motors, it said.
Opel's new owner, France's PSA Group, last year bought the money-losing manufacturer and its British sister brand, Vauxhall, from GM in a $2.6 billion deal.
PSA aims to restore profitability at Opel/Vaxuhall by 2020 after two decades of losses at the unit.