Today 09/23/2016 - 05:35:23 PM
Peugeot SA 13.525€
CAC 40 4,488.69 PTS
At a regular meeting today of the Central Works Council, the trade unions at PSA Peugeot Citroën expressed an 89% vote in favour of the Group’s strategy based on the Back in the Race plan.
Under the New Social Contract, signed in 2013 at the height of the crisis in the European automotive industry, closer social dialogue was recognised as key to the strategy of rebuilding the Group’s financial fundamentals. This laid the foundations for sharing the company’s vision, aims and plans with employees and their representative bodies.
The Group’s 2014 results – €2.2 billion in operating free cash flow and no net debt – showed that PSA Peugeot Citroën was ahead of schedule with its recovery plan.
Speaking at today’s meeting, Philippe Dorge, Executive Vice President, Human Resources, said: “PSA is one of the first companies in France to consult with trade unions on its business strategy, in compliance with new legislation on job security. Today’s confidence vote on the Back in the Race plan shows that PSA’s strengths are in alignment, that we are all driven by the same determination to rebuild our financial fundamentals even faster and be more effective going forward. This is the only way we can protect the company and its employees”.