Peugeot Settles With CGT Union on Terms of Factory Shutdown
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PSA Peugeot Citroen, Europe’s second-largest automaker, reached a deal with a striking union on closing a car factory in France, removing one of the last obstacles to a plan to cut 11,200 domestic jobs.
Peugeot rose to the highest price in 10 months after the CGT agreed to end a walkout by its 130 members at the plant on the outskirts of Paris. The strike had cut the site’s production by about 80 percent this year. The labor group will drop legal action aimed at thwarting a reorganization plan that includes the shutdown, Peugeot said today in a statement.