FRANCE: PSA auto division struggles as EUR800m savings plan announced
PSA Peugeot-Citroen said third quarter 2011 group revenues rose 3.5% year on year to EUR13.45bn but automotive revenues slipped 1.6% "impacted by sourcing difficulties and increased pricing pressure". It announced a new plan to save EUR800m in 2012 which critics said could cost 5,000 jobs. However, PSA announced later on Wednesday that 2,500 posts would be axed in Europe.
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