(CNN)Automaker Volkswagen said Friday it will cut up to 20,000 jobs through 2009 under a restructuring plan designed to boost earnings.
The announcement came as the car maker, Europe's biggest, reported a preliminary 2005 net profit of 1.1 billion euros ($1.3 billion), beating estimates of 834 million euros.
Sales reached 95.3 billion euros in 2005.
"In the next three years up to 20,000 direct and indirect employees within the Volkswagen Passenger Car brand could be affected by this restructuring program," the company said in a statement after a meeting of its board.
It also said that it would look at plants to ease deficiencies there.
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| Volkswagen to slash 20,000 jobs by 2009 By Finfacts Team Feb 10, 2006, 13:12 | |
Europe's biggest car maker Volkswagen AG said today that it is preparing a new restructuring plan to reduce costs and become more profitable.
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| The Volkswagen Group, based in Wolfsburg, is one of the leading automobile manufacturers in the world, and Europe's largest carmaker. The Group's passenger car business is split into two brand groups. Under the umbrella of the Group, Audi and Volkswagen manage their separate brand groups and are responsible for generating global earnings from them.The Group operates 45 manufacturing facilities in 11 countries in Europe and in a further seven countries in America, Asia and Africa. A workforce of over 336,000 people all around the globe produces over 21,500 vehicles per working day, as well as providing vehicle-related services. The Volkswagen Group's models are sold in more than 150 countries. |
The car maker said that as part of the plan as many as 20,000 workers could have their jobs cut through 2009.
The announcement came as the car maker reported a preliminary 2005 net profit of €1.1 billion ($1.3 billion).
Sales were €95.3 billion in 2005, the company said.
"In the next three years, up to 20,000 direct and indirect employees within the Volkswagen Passenger Car brand could be affected by this restructuring program," the company said after a meeting of its board Friday.
The company's stock price jumped over 4.0% in Frankfurt trading after the restructuring plan was announced.
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