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Porsche guarantees 9,000 jobs in Germany

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Porsche guarantees 9,000 jobs in Germany
Photo: DPA
17:34 CEST+02:00
German luxury sports car maker Porsche said Wednesday it would guarantee the jobs of 9,000 workers at three domestic sites until 2015.

Porsche also plans to invest more than €500 million ($650 million) in its German operations.

The decision covers facilities at Zuffenhausen, Ludwigsburg and Weissach, near Porsche's headquarters in Stuttgart, southern Germany. It is valid until July 2015 and includes the hiring of 100 apprentices per year at the end of their training periods.

The investment will focus on increasing production capacity and fostering innovation.

"With this agreement securing production locations, we will be optimally positioned for growth in the coming years," said Porsche chairman Michael Macht in a statement.

"This socially balanced compromise guarantees Porsche employees more job security in the future. It also guarantees the company a high degree of flexibility."

Among changes planned by Porsche are a shift in construction of its Boxster and Cayman models from Finland to Germany, although the Finnish supplier Valmet Automotive would continue to build Caymen bodies.

The German group recorded a record number of orders in June and July, and if production capacity at Zuffenhausen was exceeded, the company could call on Volkswagen to lend a hand, the statement said.

VW, Europe's largest carmaker, now owns 49.9 percent of Porsche and plans to acquire the shares it does not already own by 2011.

Porsche said earlier this month that VW chief production strategist Matthias Müller would become Porsche's next chief executive, effective October 1.

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