Opel to slash up to 400 jobs in Austria

German automobile manufacturer Opel is to cut up to 400 jobs at its Austrian gearbox manufacturing plant, according to local media.

State broadcaster ORF said on Thursday that the reason for the planned cuts -- accounting for a third of the 1,200 employees at Opel's Vienna-Aspern facility -- is the expiry of a "major gearbox contract."

The cuts come in the wake of the dismissal of 140 workers last year.

The plant itself will continue to operate, with a new production line reportedly being started.

Management is understood to be preparing a redundancy package for those affected, and employees are to have the option to voluntarily quit.