Peugeot to seek wage deal as slump threatens goals
PARIS, April 23
PARIS, April 23 (Reuters) - PSA Peugeot Citroen said it will seek labour concessions from French unions to help meet turnaround targets after sales fell a further 6.5 percent in the first quarter.
The struggling French carmaker, which is scrapping 8,000 domestic jobs and a major assembly plant, will begin union talks in the second quarter, Chief Financial Officer Jean-Baptiste de Chatillon told reporters on Wednesday.
"We will need to launch negotiations on the competitiveness of the group," Chatillon said.
The Peugeot CFO was speaking after reporting group revenue of 13.03 billion euros ($16.96 billion) for the first three months of 2013.
Peugeot reiterated its goal of halving its 2012 cash consumption of 3 billion euros this year but said further measures may be needed to keep its recovery on track. ($1 = 0.7683 euros) (Reporting by Laurence Frost; Editing by James Regan)
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