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Peugeot May Cut 3,500 Jobs in 2012, Save EU800 Million

PSA Peugeot Citroen SA said plans to restore profits at its automotive division will result in 3,500 job cuts in 2012.

The company said in a statement that organizational measure will lead to the reduction of 2,500 jobs in Europe, while productivity and other measures in manufacturing will result in 1,000 job cuts next year. The measures will shrink costs by 800 million euros, the company said.

Source: Bloomberg