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Labor Presses French President to Stop Plant Closings
Union leaders in France met with new President Francois Hollande on Tuesday to demand he deliver on his campaign promise to save jobs by immediately halting impending factory shutdowns.
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Union leaders in France met with new President Francois Hollande on Tuesday to demand he deliver on his campaign promise to save jobs by immediately halting impending factory shutdowns.
The CGT union presented a list of companies where jobs are threatened, including General Motors Co. and PSA Peugeot Citroen. GM is trying to find a buyer for its transmission facility in Strasbourg. PSA has said it plans to shed 6,000 jobs in Europe this year. The company warns it might downsize high-cost operations in France if its sales don't rebound.
Hollande promised after his election to impose financial penalties on profitable companies that try to boost their share price by dismissing workers. But it may be hard for him to force companies to comply. France's high court ruled early this month that healthy companies can fire workers under some circumstances.
Analysts say government intervention to block auto plant closings is the main reason that carmakers have not eliminated the excess capacity in Europe that is eroding their profits.
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