Porsche to Guarantee 9,000 German Jobs

The company will invest $650 million in its German operations focusing on increasing production capacity and fostering innovation.

Porsche said on July 21 that it would guarantee the jobs of 9,000 workers at three domestic sites until 2015.

Porsche also plans to invest more than 500 million euros (US$650 million) in its German operations.

The decision covers facilities at Zuffenhausen, Ludwigsburg and Weissach, near Porsche's headquarters in Stuttgart, southern Germany.

It is valid until July 2015 and includes the hiring of 100 apprentices per year at the end of their training periods.

The investments will focus on increasing production capacity and fostering innovation, the statement said.

Among changes planned by Porsche are a shift in construction of its Boxster and Cayman models from Finland to Germany, although the Finnish supplier Valmet Automotive would continue to build Caymen bodies.

The German group recorded a record number of orders in June and July, and if production capacity at Zuffenhausen was exceeded, the company could call on Volkswagen to lend a hand.

VW, Europe's largest carmaker, now owns 49.9% of Porsche and plans to acquire the shares it does not already own by 2011.

Porsche said earlier this month that VW chief production strategist Matthias Mueller would become Porsche's next chief executive, effective October 1.

Copyright Agence France-Presse, 2010

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