FRANKFURT (Reuters) - Magna plans to improve Opel’s annual earnings by $3.3 billion over the next five years as part of a business plan to take over the European carmaker, the Frankfurter Rundschau reported on Thursday.
A forecast $2.1 billion loss for 2009 would swing to a $1.2 billion profit in 2014, the German daily wrote, citing elements of Magna’s business plan it obtained.
Volume, price and mix effects would contribute $1.9 billion, while another $1.4 billion would stem from lower material and personnel costs following a restructuring of the company, the paper reported.
A spokesman for Magna declined to comment.
Reporting by Christiaan Hetzner; Editing by Hans Peters