Germany's E.ON to slash 9,000 jobs

Posted By: Staff
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Frankfurt, Jun 16: E.ON, Germany's key power company is planning to slash 9,000 jobs as part of its efforts to fight recession and to save about 1.5 billion Euros ($2 billion).

About 6,000 employees will lose job in Europe, along with 3,000 others that would go as some of the group's activities were relocated, said a newspaper report. However, E.ON sources said that nothing had been decided yet.

E.ON posted a first-quarter 2009 net profit of 2.5 billion euros, an 18 percent increase, mainly owing to an accounting gain of 1.5 billion Euros. Trade Unions are planning to protest against the move on Thursday, Jun 18.

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