GERMANY: Porsche said to have done flexibility for job security deal with workers
Porsche has declined to confirm a report that it had struck a deal with staff to secure German jobs in return for concessions on working hours.
Reuters said German business daily Handelsblatt quoted sources close to the negotiations as saying Porsche had agreed longer and more flexible working times with its works council in exchange for job guarantees until 2010.
The paper reportedly said the deal would be announced at an employee meeting on Wednesday.
Reuters said Porsche, already boasting the carmaking world's fattest profit margins, has sought labour concessions in return for making a planned fourth model line in Germany.
Management wants more efficient working hours and shorter breaks, while staff are seeking job guarantees at German locations until 2009, the report added.