Barely having started in his new post as MD of Durobor, Michel Durant called an extraordinary board of directors meeting on 4 October. The successor of Jean-Luc Bride announced the social chapter of his improvement plant to the workers' representatives: from 450 jobs 54 will have to go by the end of the year, and for the remaining staff, there will be reduction of 12.7% in the wage bill, which today represents 54% of turnover; the goal that must be reached has been fixed at 40%. "It is only then that we will be able to generate an annual cash flow of Euros 2.8M to sustain our future investments, such as the reconstruction of one of our two furnaces that will remain active in 2006", said Mr Durant. However, the management is prepared, in the framework of the Renault procedure, to listen to any counter-proposals put together by the trade unions.
