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PSA to Shed Another 1,500 Jobs
PSA Peugeot Citroen says it will cut an additional 1,500 jobs through attrition by 2014.
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PSA Peugeot Citroen says it will cut an additional 1,500 jobs through attrition by 2014. The company's financial condition has worsened as Europe's auto sales plummeted.
PSA unveiled a separate plan in July to shed 8,000 jobs in France and close a factory in Aulnay, France, in 2014. The latest reductions also don't include the elimination of 6,000 jobs across Europe the company announced last year.
The FO union tells Bloomberg news that PSA has informed workers that the company's French workforce will shrink 17% to 55,900 by 2014.
PSA lost €819 million in the first half of 2012. The company's cash outflow and debt are mounting. PSA factories ran at 57% of capacity in France last year.
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