On Thursday, September 20th, PSA Peugeot-Citroen workers held a protest in Paris against the automaker’s plans to lay off 8,000 employees in France.
The demonstration began after President Francois Hollande held a meeting with the union members and promised them three-tier negotiations involving the management, state and unions. Almost 800 employees marched from the center of the city, from Saint Lazare railway station, shouting “No to Aulnay’s closure” and “A billion in its bank accounts and PSA wants to close”, expressing their anger regarding the automaker’s decision to lay off 8,000 workers and close the Aulnay plant.
According to the report recently presented to the government, Peugeot, which is Europe’s second automaker and which has recently closed a deal with GM of the US, has to quickly revamp and tie-up with a global group to be able to survive the sweeping losses in Europe. Recently Peugeot has also dropped from the Paris CAC 40 leading stock index due to poor sales.
Peugeot recently sold 75% of the Gefco truck unit for 800 million euro to OAO Russian Railways, a necessary measure to reduce debt. . In February the automaker announced it plans to sell assets, such as Gefco, to cut costs.