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Bogged down by poor sales, Peugeot to cut 1,500 more jobs: union sources

PARIS--French automaker PSA Peugeot Citroen is to shed an additional 1,500 positions by not replacing departing workers, on top of 8,000 job cuts already announced, union sources said on Tuesday.

After a meeting with management, union sources said the company would cut 11,214 jobs in total by mid-2014, including the 8,000 announced in July and the 1,500 non-replaced workers. The rest will come from voluntary departures.

Struggling with losses from falling European sales, Peugeot this summer shocked France by announcing it planned to cut 8,000 jobs and close its historic Aulnay plant outside Paris.

Its stock value has plummeted and it had to be rescued with a state guarantee of 7 billion euros (US$9 billion) for its banking and credit arm.

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