The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.1 - Manufacture of motor vehicles
10,000 jobs Number of planned job losses
Announcement Date
26 September 2006
Employment effect (start)
27 September 2006
Foreseen end date
31 December 2007
Description
PSA, France-based manufacturer of passenger cars, employing 208,500 people worldwide and 134,000 in the EU, announced an 'action plan' intended to restore the profitability of the group. In Europe, two group's marks 'Peugeot' and 'Citroën' jointly lost half of their market share (13.3%) during the first eight months compared to the same period in 2005. In 2005, PSA sold 3.39 million of vehicles in 150 countries worldwide. PSA announced that the group will stop certain investment projects (in Slovakia) and cut 10,000 jobs in Europe representing a decrease of 7.5% till the end of 2007. France, Spain and the United Kingdom (in Ryton some 2,500 jobs are to be lost) would be the only countries affected. Thus, some thousands of temporary jobs and term contracts will be terminated. The company is headquartered in Paris, France.
Sources
28 September 2006: Le Monde
27 September 2006: Le Figaro
27 September 2006: La Tribune
27 September 2006: AFP
Citation
Eurofound (2006), PSA Peugeot-Citroën, Internal restructuring in European Union, factsheet number 64150, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64150.
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