WOCO
Automotive supplier cuts working hours and pay by 20% / Agreement will run to June
Employees at Woco Industrietechnik (Bad Soden-Salmünster / Germany; www.wocogroup.com) are taking a 20% cut in pay and working hours from 1 January to 30 June 2009 under a new agreement that temporarily supersedes the company’s collective bargaining agreement with the IG BCE trade union. The original agreement then will resume. During the six-month term of the new agreement, workers can be dismissed only with the consent of the works council. Moreover, staff will receive a 3.8% pay rise on 1 April 2009.
 Martin Wolf (Photo: Woco) |
“The Woco group cannot escape the current downturn caused by the global economic crisis,” said CEO Martin Wolf. “The agreement enables us to make the necessary short-term cost-savings and counter possible liquidity bottlenecks.”
The family-owned business manufactures acoustics, actuators and polymer systems for the automotive industry. Its portfolio also includes functional vibration minimisation and sealing systems and products for industry. Woco had 3,280 employees in 2007 and reported sales of EUR 426m.
The family-owned business manufactures acoustics, actuators and polymer systems for the automotive industry. Its portfolio also includes functional vibration minimisation and sealing systems and products for industry. Woco had 3,280 employees in 2007 and reported sales of EUR 426m.
19.01.2009 Plasteurope.com [212617]
Published on 19.01.2009
German version of this article...