MOSCOW, October 6 (RIA Novosti) - The French...
AvtoVAZ from closure.The company posted record losses of 14.2 billion rubles ($447 million) in January-June 2009 against net profits of 1.49 billion rubles ($47 million) in the same period of 2008.
As part of an anti-crisis program, AvtoVAZ is expected to reduce its workforce by up to 27,600 to some 75,000. The company"s press service said in late September that 13,000 people of pensionable age, some 5,500 of preretirement employees and 9,100 active workers were facing redundancy. The company dominates the economy of the Volga city of Togliatti, employing a large percentage of the local working population.
An AvtoVAZ top manager told Russian business daily Kommersant last week that the stakes of Russian Technology Corporation and Troika Dialog, which hold 25% each, could be diluted and that both companies have no objections, while Renault could retain its blocking stake of 25%, if it pays for AvtoVAZ"s new share issue with its license for Logan cars and
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