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Business

Porsche Guarantees 8,500 Jobs

In a welcome bit of good news for Germany's labor market, Porsche announced that 8,300 jobs would stay in Germany until 2010. Labor and company representatives reached a deal this week that would ensure workers in Porsche factories in Stuttgart, Ludwigsburg and Weissach keep their jobs for the next five years. Porsche also announced it planned to invest 600 million euros ($728 million) in the next five years in the three locations. The company said it would increase production of 911 models in the Stuttgart location and begin producing the motors for other models there as well. The development center in Weissach is slated to get a 250-million-euro investment in buildings, storage facilities and the expansion of motorsport infrastructure.