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Volkswagen Group CEO Oliver BlumeCNBC
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70% Informative
German carmaker Volkswagen on Monday warned it will no longer be able to rule out plant closures in the country, citing the specter of major cost-cutting measures.
Volkswagen said it felt compelled to bring an end to its employment protection agreement in order to secure "urgently needed structural adjustments" Volkswagen said brands within the company would need to undergo a "comprehensive restructuring" Shares of Volkswagen traded 1.8% higher on Monday afternoon .
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