European auto parts company collapses! According to The Wall Street Journal, French auto parts supplier Valeo plans to cut 868 jobs at eight factories in France, becoming the latest European auto supplier to announce layoffs. Valeo said the plan submitted to unions would result in 694 forced layoffs and 174 voluntary departures, affecting 6.4% of its 13,500 employees in France.
A Valeo spokesperson said the layoffs would mainly focus on management positions and would not affect production-related jobs. The restructuring measures will also lead to the closure of two Valeo factories in France. Sources also said Valeo will reduce its workforce in Germany, Poland and the Czech Republic.
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