BMW may shed 8,000 jobs |
| MSNBC - Dec 21, 2007 |
BMW is planning its first large-scale job losses with about 8,000 cuts possible as the world's largest luxury carmaker attempts desperately to claw back the profitability gap to its arch-rival, Mercedes-Benz.
BMW would only say on Friday that it was likely to cut thousands of jobs, starting next year. But executives briefed on the plans said the large majority of the job losses would fall in Germany and would include several thousand full-time employees, as well as temporary workers.
The fact that BMW has never before resorted to such large job cuts highlights the pressure the German carmaker is under from its shareholders, including the controlling investor, the Quandt family, to catch up with Mercedes, owned by Daimler. BMW's return on sales was just 5.4 per cent in the third quarter in its automotive business against 9.5 per cent at Mercedes.
Read Full Article from MSNBC
- Posted: 2007-12-21 10:26:30
| More Stock Investor Place Financial News |
 |
|
|
|
| Stock Investor Place Financial News Archive |
|
|
|
