VW Said to Cut 23,000 Jobs, Save EU3.7 Billion With Labor Pact
Source: BFW (Bloomberg First Word)
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VOW GR (Volkswagen AG)
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(Bloomberg) -- In VW cost-cutting plan to be unveiled Friday, job cuts will come through attrition, according to people familiar with the matter.
Alert: HALISTER- Co. will rule out forced layoffs until 2025, the people say
- Cost-cutting plan will comprise about 3 billion euros in savings from German factories, plus about 700 million euros from plants abroad, to reach a 4% operating profit margin in 2020, the people say
- Co. reached agreement with workers late Wednesday for the VW brand, with further details for savings across the co. ironed out Thursday, the people say
- VW will add as many as 9,000 employees for new projects such as electric cars, digital features, the people say
- NOTE: VW Said to Target $4 Billion in Cost Cuts at Namesake Brand
Source: BFW (Bloomberg First Word)
Tickers
VOW GR (Volkswagen AG)
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UUID: 7947283