Volkswagen and Euros

pact: The Board of Management of the German automobile giant signed a pact for the future with its labor union, in order to bring Volkswagen brand back to a path of profitable growth, according to Global Times China. The pact is expected to make Volkswagen earnings annually add by 3.7 billion euros by 2020, among which 3 billion euros stem from German facilities, according to the statement. At the meantime, 9,000 new jobs in future-oriented areas where 3.5 billion euros about 3.71 billion US dollars would be invested, are planned to be created in Volkswagen plants in Germany, said the company. Chairman of the Volkswagen Brand Board of Management Herbert Diess said in the statement, the pact represents a fundamental transformation of the value stream, the development of new competences and strategic investment. We will be transforming the entire brand and making it fit for the fundamental transformation of our industry, he added. 1 euro 1.06 US dollars (news.financializer.com). As reported in the news.