PEUGEOT-CITROEN CUTS 8000 JOBS
- Struggling French carmaker PSA Peugeot-Citroen has announced a drastic cost-cutting plan to slash 8,000 jobs in France and close a factory north of Paris, as it faces diving sales in crisis-hit southern Europe, Belfast Telegraph said.
Union members vowed to fight back and are planning protests.
Company management announced the job cuts and closure plan during a meeting with its worker representatives.
The company, which warns it faces a first-half loss of 700 million euro this year, is trying to save one billion euro 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% in Europe in the first quarter.
The restructuring plan includes the closure of Peugeot-Citroen's Aulnay-sous-Bois factory, one of the biggest car plants in France and seen as a bastion of car-making and of car workers' unions.
The company will also cut 1,400 jobs at its Rennes factory and 3,600 jobs in other French sites.
CEO Philippe Varin told reporters that the company is losing about 100 million euro per month. "No one will be left along the side of the road," he pledged.
The company is hoping a new alliance with General Motors will allow it to return to long-term profitability.
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- 1864 Birth of satirist Harootyoon Alpiar. He died in 1919.
- 1923 Creation of the Bureau of History of the Communist Party of Armenia as an adjunct to the Central Committee of the Communist Party of Armenia.
- 1924 Under the initiative of the Norwegian scholar Friedthof Nansen, the League of Nations decides to grant Nansen Passports to the Armenians who had survived the Armenian Genocide.
- 1933 Death of the writer Nar-Dos (Meekael Hovhannissyan) in Tbilissi (Georgia). He was born in 1867.
- 1934 First issue of the "Communist" newspaper (property of the Central Committee of Armenia's Communist Party, Yerevan's City Committee, and the Central Executive Committee of the Armenian SSR).
- 1938 Opening of the first session of the Armenian SSR Supreme Soviet's first convention.