- Fed to Keep Rates Low Despite Dollar's Fall: Bernanke
- Millions Could Have to Repay Part of Obama's Tax Credit
- Hollywood Turns to Porn as Unemployment Rises
- Slideshow: US Cities With Most Underwater Mortgages
- Faber: Paulson Funds Have Solid Quarter, Up Big for Year
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Diamonds: The Next Big Bubble to Burst?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Solar Energy Emerges From a Dark Period
- Getting To The Heart Of The Merck-Abbott Embargo Break
- What MGM's Sale Could Say About Value of Content
- My Ratings on Lowe's & Home Depot: Analyst
- S&P Stocks Trading at New 52-Week Highs
- Snoop Dogg Talks Biz
- Paulson Funds Report Q3 Performance
- Warren Buffett's Berkshire Portfolio Snapshot Coming Later Today
- 'Blood and Business Don't Mix' — A Family Business Survival Guide
- Mixed Signals Come From Retail Sector as Holidays Draw Near
MOST SHARED
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Fed Likely to Keep Rates Low Despite Dollar's Fall: Bernanke
- Millions May Have to Repay Part of Obama Tax Credit
- Underwater Mortgages Could Sink Even Deeper
- BlackRock: Central Banks To Be Net Buyers of Gold
- U.S. May Wind Up Green With Envy
- Bernanke Offers Something For Everyone
- Madoff Auction: $4,750 for a Decoy Duck?
- Busch: US Health Care Bill a Concern for the Chinese
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
Text Size 
PARIS, Nov 20 (Reuters) - French carmaker PSA Peugeot Citroen plans to cut 2,700 jobs and said on Thursday that due to the financial crisis and the sector's turmoil car sale volumes in main European markets would drop by at least 10 percent in 2009 and 17 percent in the fourth quarter. Peugeot said it will present the plan to its works council on Dec. 2.
It also involves the re-assignments of workers to other group sites while another 850 people at the Rennes site could be concerned by a plan for voluntary redundancies. Human Resources Director Jean-Luc Vergne said in a statement that if the group did not act, it could have put the future of the carmaker and its 200,000 jobs in danger.
PSA Peugeot Citroen slashed its 2008 profitability outlook in October and announced "massive" production cuts to combat the sales crisis that is hitting auto makers, after posting a 5.2 percent drop in third-quarter turnover. Peugeot shares fell 3.3 percent to 12.89 euros by 0812 GMT.
Keywords: PEUGEOT CITROEN/ (Reporting by Caroline Jacobs, editing by Marcel Michelson paris.equities@news.reuters.com; Reuters Messaging: caroline.jacobs.reuters.com@reuters.net; +33 1 49 49 53 43) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Print
Email
- Where, what, how.
- CNBC's Jim Goldman asks: Has the sun begun to set on Twitter? Data suggests its best days are over.
- Nearly 1,000 bidders showed up to the auction of Bernie Madoff's possessions, raising nearly $1 million for his victims.
- De Loach Vineyards is selling its pinot noir the old fashioned way, helping to cut energy and transportation costs.
- Why are the Chinese concerned about the progress of U.S. health care legislation?
- CNBC's Maria Bartiromo talks to rapper Snoop Dogg about brand identity in both business and music.
Data is a real-time snapshot *Data is delayed at least 15 minutes