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PSA Peugeot Citroen is planning an Opel-sized thinning of its French workforce, Reuters says, citing comments of Jean-Pierre Mercier, union representative at Peugeot’s factory in the Paris suburb of Seine-Saint Denis. The union claims that PSA wants cut 5,000 jobs. And guess who’s to blame?
Left Party presidential candidate Jean-Luc Melenchon says credit ratings agencies are behind the decision. Moody’s had recently lowered Peugeot’s credit rating to negative.
“The result: even though the company’s profits rose 18 percent in the first half of 2011, the owner throws thousands of workers into the streets to ‘reassure the markets’,” said Melenchon.
Occuper la Bourse de Paris !
Short Paris fire insurance stock.
Yah, the PSA mooks prolly have MBAs from US colleges. Sheesh, any moron can boost the bottom line by cutting head count. Not to worry about long term affects
Don’t see how cutting out French union labor can have a downfall. Aside from having soggy crossaints thrown at you, that is.
French workforce is very little unionized (10% or so). Unlike in the US, there are both union and non-union people working together in the same conditions in the same plant, as well as various unions. And in case of a strike, workers outside the unions can and will often join the strike.
In such a blatant case of pleasing greedy investors, you bet they will strike. 800 million euros benefit in just 6 months with the crisis running at full speed is hardly a collapsing business…
A recent TTAC article indicated that Peugeot sold less than 2000 cars per month in Germany, in the US the tally is zero, who in his/her right mind would even consider a French car? French know how to make scarves and cheese, mechanically they subcontract to zee Germans
No wonder they are trying to cut down their lazy workers
uh, Mini of Germany has subcontracted nearly all of its engine production to Peugeot (including cars sent to the US market)
Jaguar used to as well (the 2.7L diesel in the last-gen XJ was from Peugeot)
Daimler will be getting its future Smart and A-Class engines from Renault
and have you driven a Nissan lately? the amount of sharing occuring between Renault and Nissan is very high
France should just concentrate on making luggages. Like Amerika should just concentrate on making 3D animated penguin films.
One interesting point is that job cuts will very strongly affect white-collars. R&D in France will be cut in half (2100 positions suppressed). The word is out (in serious papers) that these jobs will now be relocated in China and Brazil. This is very annoying because we’re talking of the greyest matter going overseas. And what’s left to us expensive westerners if not our brains?