Peugeot to Cut 1500 More Jobs

Peugeot to Cut 1,500 More Jobs

Dec. 12, 2012
This cut is in addition to 8,000 cuts announced recently.

PARIS --Automaker PSA Peugeot Citroen (IW 1000/47) is to shed an additional 1,500 positions by not replacing departing workers, on top of 8,000 job cuts already announced, union sources said on Tuesday.

After a meeting with management, union sources said the company would cut 11,214 jobs in total by mid-2014, including the 8,000 announced in July and the 1,500 non-replaced workers. The rest will come from voluntary departures.

Struggling with losses from falling European sales, Peugeot this summer shocked France by announcing it planned to cut 8,000 jobs and close its historic Aulnay plant outside Paris.

Its stock value has plummeted and it had to be rescued with a state guarantee of seven billion euros (US$9 billion) for its banking and credit arm.

Copyright Agence France-Presse, 2012

About the Author

Agence France-Presse

Copyright Agence France-Presse, 2002-2024. AFP text, photos, graphics and logos shall not be reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP shall not be held liable for any delays, inaccuracies, errors or omissions in any AFP content, or for any actions taken in consequence.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!