Volkswagen plant to switch to defence
Volkswagen agreed to sell its Osnabrueck factory to Aurelius Capital and Lower Saxony. The site will shift to defence production preserving about 1,400 jobs amid restructuring.
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VOLKSWAGEN AG struck a preliminary deal on Monday afternoon to switch a factory in Germany to defence production, preserving 1,400 jobs. The agreement offers a blueprint for European automakers battling excess capacity and lower-cost rivals. The site will transition under new ownership as part of the carmaker's broader restructuring efforts.
