EconomyEditor's PickNewsMain Renault unions to reject cost-cutting plans: sources

2 years ago314 min
https://topinvestingtoday.com/wp-content/uploads/2021/12/cover-9-1280x813.jpg
imageStock Markets2 hours ago (Sep 29, 2020 04:10AM ET)

(C) Reuters. Logo of Renault

PARIS (Reuters) – At least three of the four main unions representing employees at France’s Renault (PA:RENA) plan to signal their disagreement with its cost-cutting plans, several union sources said, adding to the carmaker’s turnaround headaches.

Loss-making Renault, which is 15% owned by the French government, has outlined 2 billion euros ($2.34 billion) in savings, including via job cuts and by reorganising its factories, to restore profitability.

It has pledged to consult unions on the process. Employee representatives only have a consultative power on the plans, but rejecting them will complicate negotiations for new Chief Executive Luca de Meo.

The CFE-CGC, CFDT and CGT labour unions will reject Renault’s plans at a meeting with representatives of the firm on Tuesday, three union sources said.

A fourth union, Force Ouvriere (FO), is also due to go against them, Le Figaro newspaper reported on Tuesday.

Renault declined to comment.

Main Renault unions to reject cost-cutting plans: sources

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *