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Auto-Parts Supplier Faurecia Will Cut 1,500 Jobs

French auto-parts company Faurecia will cut 1,500 jobs in Western Europe by the end of 2012, a spokesman said on Monday.

French auto-parts company Faurecia (IW 1000/207) will cut 1,500 jobs in Western Europe by the end of 2012, a spokesman said on Monday.

The spokesman, speaking to investors in London, said the group will take a restructuring charge of 100 million euros ($128 million) in 2012 and 90 million euros in 2013.

Faurecia, which employs 80,000 people around the world, did not specify in what countries the job cuts will take place.

Faurecia, a unit of troubled PSA Peugeot Citroen (IW 1000/47), warned in July of plummeting sales in Europe that would force reducing payrolls.

The company said it will reach its profit-margin targets in 2016, instead of an earlier goal of 2014, on growth driven primarily from Asia and North America.

Copyright Agence France-Presse, 2012

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