"Up to 20,000 direct and indirect employees within the Volkswagen passenger car brand could be affected by this restructuring program," the company said in a statement.
Volkswagen said it would offer early retirement packages and other incentives to persuade workers to leave voluntarily. Almost a third of its 340,000 worldwide workforce is in Germany.
News of the restructuring came as the automaker announced preliminary figures that pointed to higher sales and operating profits for 2005.
None of the cuts will take place in Canada. A VW Canada spokesperson said the company will actually expand its Canadian management when it moves product planning and marketing responsibilities back to Canada from the U.S.
VW does not manufacture or assemble any vehicles in Canada.
Share Tools
Top News Headlines
- Greece passes new austerity deal amid rioting
- Greek lawmakers have approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after riots in Athens and other cities left stores looted and burned and more than 120 people hurt. more »
- Quebec town 'heartbroken' after killing of woman, sisters
- A small Quebec town is in mourning Sunday after a Quebec man was charged with killing his nieces and his mother, who were found dead in their family home. more »
- Houston autopsy results withheld by police
- Whitney Houston was found in a hotel bathtub but it'll take weeks to determine precisely how she died, a Los Angeles coroner's official says. more »
- Musicians who died before their time
- The growing list of musicians who have died young. more »
Latest Business Headlines
- Air Canada reaches tentative deal with dispatchers
- Air Canada has reached a tentative collective agreement with the Canadian Airline Dispatchers Association, representing the airline's 74 flight dispatchers. more »
- Old Age Security untouched until 2020, Flaherty says
- Finance Minister Jim Flaherty says Canadians should expect no changes to Old Age Security benefits before 2020 or 2025, and details about reform would be outlined over more than one budget. more »
- CAW questions Caterpillar takeover of Electro-Motive
- The head of the Canadian Auto Workers is suggesting Caterpillar Inc. may not have followed foreign takeover rules in its 2010 purchase of the London, Ont., locomotive plant it has since shut down. more »
- Canada's trade surplus doubles in December
- Statistics Canada says exports rose 4.5 per cent in December and imports edged up 0.8 per cent, pushing the country's trade surplus with the rest of the world to $2.7 billion from $1.2 billion in November. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12389.42 | -108.52 |
| DOW | 12801.23 | -89.23 |
| NASDAQ | 2903.88 | -23.35 |
| SP 500 | 1342.64 | -9.31 |
| NYSE COMPOSITE | 7992.05 | -89.2 |
| AMEX | 2417.98 | -18.65 |
| TSX-VENTURE | 1653.55 | -11.27 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Pop queen Whitney Houston dies at 48
- Houston autopsy results withheld by police
- Greece passes new austerity deal amid rioting
- Foo Fighters win 5 Grammys
- Carleton University confirms death of student
- Quebec town 'heartbroken' after killing of woman, sisters
- Ultimate Tazer Ball combines shock and soccer
- Manitoba man dies after falling off moving SUV
- Adults-only trade show cancelled in B.C. Bible belt
