Stellantis reaches layoff/hiring agreement with Italian metalworkers union By Investing.com

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Stellantis reaches layoff/hiring agreement with Italian metalworkers union

Published Mar 29, 2023 01:04PM ET

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Stellantis reaches layoff/hiring agreement with Italian metalworkers union

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By Michael Elkins

Italian metalworkers union announced Wednesday that they have reached an agreement with Stellantis NV (NYSE:STLA) for up to 120 layoffs through voluntary redundancies at the group's Atessa van-making plant in the central Abruzzo region.

The workers laid off will all be no more than five years away from retirement age, and will receive 90% of their salary in the first two years and 70% in the remaining three years before reaching the pensionable age, the unions said in a joint statement.

As part of the agreement, Stellantis will permanently hire 40 people among those currently working at the plant under job-leasing contracts, while some 1,000 workers will be given training needed for the energy transition.

The deal will be signed in the next few weeks at Italy's Labour Ministry, the unions said.

Shares of STLA are up 0.99% in mid-day trading on Wednesday.

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