France's PSA Peugeot-Citroen slashing 8,000 jobs
Associated Press, Paris | Business | Thu, July 12 2012, 3:19 PM
Workers walk past a site map in PSA Peugeot Citroen La Janais factory near Rennes, western France, on Thursday. Struggling French carmaker PSA Peugeot-Citroen is slashing 8,000 jobs in France and closing an iconic site north of Paris. Unions vowed to try to fight back, and plan protests later Thursday. (AP/David Vincent)
Struggling French carmaker PSA Peugeot-Citroen is slashing 8,000 jobs in France and closing an iconic site north of Paris.
Union members said company management announced the job cuts and closure plan during a meeting with the works council. The restructuring plan includes the closure of its Aulnay-sous-Bois factory.
Unions vowed to try to fight back, and plan protests later Thursday.
The company is trying to save €1 billion ($1.2 billion) this year as it struggles to compete in Europe's fiercely competitive car market. It is suffering particularly amid a slump in sales in the recession-hit south of Europe. Its sales plunged 20 percent in Europe in the first quarter.
It is hoping a new alliance with General Motors Corp. will allow it to return to long-term profitability.
