General Motors subsidiary Opel has come to terms on a severance package for workers at its Bochum factory, set to close this year as part of the company’s restructuring plan.

Reuters reports Opel’s management reached a “binding and reliable” agreement with German labor union IG Metall. NASDAQ adds workers will receive €552 million ($748 million USD) in social benefits as a result of the agreement.

The closure of the plant — including an additional €60 million ($81 million USD) for related investments — will add to the burden of non-recurring costs for Opel, which also include currency challenges. GM expects Opel will become profitable by 2016 at the earliest, having accumulated $15 billion USD in losses beginning in 1999.

In a separate deal made in April, parts of Bochum will be purchased by Deutsche Post, bringing with it 600 jobs and a multi-million euro investment into the 20-acre facility.