Companies / Germany
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VW Plans Further Cuts
March 2006 | Company Finance AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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German carmaker Volkswagen is facing up to further cost cuts as CEO Bernd Pischetsrieder declares that there is 'no alternative' for his company. This is likely to include 20,000 job cuts, particularly at its more traditional unionised German plants, where labour costs are running high. Pischetsrieder was backed by VW Finance Chief Hans Dieter Poetsch, who added that without restructuring 'no long-term future for the Volkswagen Group would be viable'. In addition to trimming its workforce, VW has also considered the closure of component plants, although the company has stated that three German parts plants will be safe.