If all had gone as planned, General Motors Europe by now would be reaping the rewards of its “Olympia” restructuring plan, first hatched in 2001. But being a global player means never having total control over unforeseen factors. Olympia’s ambitious goals included cutting costs by more than $1 billion, overhauling the product lineup by 2006, introducing more diesels, slashing capacity by 15% and chopping the 89,000-worker headcount by 27,000. Add to the mix the earlier closure of ...

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