In the News

France – Layoffs – Vivendi, STMicro Revamp Face Hollande’s Scrutiny

Vivendi SA (VIV) and STMicroelectronics SA (STM), each considering a reorganization to boost their competitiveness, face a hurdle as French President Francois Hollande struggles to keep an election pledge on job creation.

Industry Minister Arnaud Montebourg is today hosting STMicroelectronics Chairman Didier Lombard at Bercy, the sprawling 1980’s government complex in eastern Paris. The meeting will emphasize strategic discussions as Europe’s biggest chipmaker evaluates options ranging from asset sales to a break- up, people with knowledge of the matter said, asking not to be named because the gathering is private. A government agenda showed that a separate meeting with Vivendi’s Jean-Rene Fourtou was scheduled.

With Vivendi and STMicroelectronics employing about 26,000 workers in France in total, the government would be interested in any potential job eliminations from a reorganization, said the people. Even as Hollande had campaigned on the promise of “social justice,” his government last month had to backtrack on its objection to the closure of a PSA Peugeot Citroen (UG) factory in France as auto demand slumped.

“The perception is that the first priority of the French government is to protect jobs,” said Claudio Aspesi, an analyst at Sanford Bernstein in London. In the case of Vivendi, “there’s a question of what the government can live with, and that could be a tough conversation.”…

via Vivendi, STMicro Revamp Face Hollande’s Scrutiny Over Jobs – Businessweek.

Related articles 

Vivendi plans to cut jobs

POSTED BY  ⋅ AUGUST 31, 2012 ⋅ LEAVE A COMMENT

French media and telecoms giant Vivendi has said it will cut costs, including jobs, as it reported a drop in second-quarter net profits mainly due to its struggling telecoms unit. Net profit fell 46% to 619m euros ($777m; £490m) on revenue down 1.5% to 6.96bn euros, a statement said. Vivendi said it would cut costs … Continue reading »

ST-Ericsson will cut 1,700 jobs

POSTED BY  ⋅ APRIL 23, 2012 ⋅ LEAVE A COMMENT

Chip maker ST-Ericsson will cut 1,700 jobs and shift a key part of its product to parent STMicro, forcing the French co-owner to focus more on its loss-making and volatile wireless business. ST-Ericsson said it would partner with STMicro to develop application processors, after failing to cut a deal with one of four other companies. … Continue reading »

 

Discussion

2 thoughts on “France – Layoffs – Vivendi, STMicro Revamp Face Hollande’s Scrutiny

  1. Great read. I’m looking forward to cheking out more comments later.

    Posted by Elana | November 6, 2012, 8:30 pm

Trackbacks/Pingbacks

  1. Pingback: France – Industry Bleeds Jobs « Job Market Monitor - October 31, 2012

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: