Volkswagen Says Progress Made in Labor Talks, But No Agreement Reached -- Update

Dow Jones12-20 22:01

By Adria Calatayud and Nina Kienle

Volkswagen said talks with labor representatives in Germany are making progress, but the parties haven't reached an agreement on a restructuring plan for the group's domestic operations.

Negotiators have been in discussions for weeks, trying to reach an agreement over how to proceed with cost cuts and to avert extensive strikes that unions have warned will begin in the new year if no deal can be found.

After weeks of inconclusive discussions, negotiations between the company and worker representatives intensified since Monday. Volkswagen headed into the latest round of talks insisting that pay cuts, capacity reductions and scrapping of bonus payments were needed to make its domestic operations more competitive, while worker representatives reject factory closures, mass layoffs or lower pay.

The update from the automaker came after German newspaper Handelsblatt reported Friday that the company and labor leaders had reached an agreement in principle on a multibillion-euro savings proposal that would include the sale of a plant in Osnabrueck and the possible closure of another site in Dresden.

Shares in Volkswagen rose on the report, trading 2% higher in European afternoon trade.

Union IG Metall didn't immediately respond to a request for comment.

Late Thursday, IG Metall said talks were reaching an impasse, with disagreements remaining on central issues, but reiterated its aim of reaching a solution before Christmas.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

December 20, 2024 09:01 ET (14:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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