VW, Heading for Record Results, Reviews Development Aims
November 25, 2000 - 0:0
WOLFSBURG The Supervisory Board of German automotive giant Volkswagen began a meeting Friday to review the company's five year business investment plans, with employee representatives demanding that a large share of the money should go into German factory sites.
Sources told Deutsche Presse-Agentur (DPA) that the Supervisory Board was likely to endorse again the 60 billion marks (26 billion dollars) volume which was laid out in last year's five-year plans.
It was expected that the board would agree that most of the money would go to production plants in Germany, as demanded by the employee representatives, the sources said. Besides Germany, where the company's VW and Audi divisions operate, the group also has subsidiaries in the Czech Republic (Skoda) and in Spain (Seat). The meeting is taking place as VW is heading for record results.
After nine months, VW's net post-tax profits were 2.238 billion marks, just barely shy of the record figure of 2.243 billion marks for the entire 1998 business year. Nine-month turnover was 125.4 billion marks.
(DPA)
Sources told Deutsche Presse-Agentur (DPA) that the Supervisory Board was likely to endorse again the 60 billion marks (26 billion dollars) volume which was laid out in last year's five-year plans.
It was expected that the board would agree that most of the money would go to production plants in Germany, as demanded by the employee representatives, the sources said. Besides Germany, where the company's VW and Audi divisions operate, the group also has subsidiaries in the Czech Republic (Skoda) and in Spain (Seat). The meeting is taking place as VW is heading for record results.
After nine months, VW's net post-tax profits were 2.238 billion marks, just barely shy of the record figure of 2.243 billion marks for the entire 1998 business year. Nine-month turnover was 125.4 billion marks.
(DPA)