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Peugeot’s Restructuring Plan Temporarily Suspended by Paris Court

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Peugeot’s Restructuring Plan Temporarily Suspended by Paris Court

PSA’s decision to cut 8,000 jobs in France has been temporary suspended by the Paris Court of Appeal.

The ruling was made public today, January 29th, and state that the court ordered “the suspension of the restructuring in progress” until PSA Peugeot Citroen finalizes worker consultations at two plants belonging to parts division Faurecia.

In November Faurecia was announcing its plans to cut 3,000 jobs in France or 7.5% of its workforce by the end of 2013, which will help the company deal with the sluggish European market and cut costs by 100 million euro in 2012 and 90 million euro in 2013.

“Our objective is to stop the bleeding in Europe next year. We have lost significant cash flow in Europe, and we have to adapt,” Faurecia CEO Yann Delabriere.

Earlier this month, PSA’s shares increased rapidly on rumors that the automaker plans to sell its Faurecia auto parts manufacturer. Peugeot has already sold its Gefco logistics arm and leased-back its Paris headquarters trying to cut losses by terminating more than 10,000 jobs in France and closing a plant near Paris.

However, selling Faurecia could be harmful for Peugeot in the longer run, as the parts business has consistently outperformed its parent. The auto parts maker contributed €1.8 billion in cumulative earnings to Peugeot in 2006-2012, while the core auto division lost €1.2 billion.

by Ana Cezara Savin (my Google+) - Tuesday, January 29th, 2013 - filed under News, Peugeot, Sticky news. Image credit: .
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