France -PSE Peugeot Citroën to cut 8000 jobs -July 15, 2012

Car maker PSA Peugeot Citroën announced it is cutting 8,000 jobs. Its Aulney plant (3,000 jobs) is to be closed, 1400 redundancies will come from the plant in Rennes and the remaining 3,600 jobs will be cut across the corporate structure. PSA is losing €200 million per month and its debt rating was degraded to junk status by all major credit ranking agencies. President François Hollande has reacted that the job losses are unacceptable. Hollande said the numbers must be renegotiated, that the company must be assessed by an independent expert and that the government will soon unveil a plan to help the troubled French car industry, including incentives to buy French cars.

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