Volkswagen, Employee and State Representatives Compromised for Viable Solution
Dow Jones
Yesterday
0628 GMT - Volkswagen, its employee representatives and the state of Lower Saxony all made concessions to pave the way for a viable restructuring solution at the automaker, leaders of the IG Metall union and group works council said. A spinoff of the core Volkswagen Passenger Cars brand and VW Components is off the table, and no plant closures are imminent, they said. "Concrete solutions must now be developed for all locations - and we continue to see the board of management as explicitly responsible for this," Christiane Benner, first chairwoman of IG Metall, and Daniela Cavallo, chairwoman of the General and Group Works Council of Volkswagen said in a joint statement. They added that they recognize the challenges facing the company and expect the board to now deliver results promptly.
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