Volkswagen to sell Hanover-based foundry

0 Comments | AFP, August, 2006

FRANKFURT (AFP) — German car maker Volkswagen is negotiating to sell its foundry in Hanover, north Germany, a company spokesman has said confirming a media report.

The monthly magazine "Manager Magazin" had said that two potential candidates were examining the factory's books.

VW, Europe's biggest car maker, employs a total of 1,250 people at the plant, which makes different engine parts.

The sale is part of a wide-ranging restructuring at VW, which includes the possible loss of 20,000 jobs over the next three years at its factories in western Germany.

Manager Magazin said that VW was also negotiating the possible sale of its axle-manufacturing plant in Brunswick. VW denied it wants to sell the factory.

© 2006 AFP

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