JAPAN: At the 29th National Convention of the Confederation of Japan Automobile Workers' Unions (JAW), meeting in Tokyo, the IMF general secretary, Marcello Malentacchi, has commented on the ongoing worldwide wave of mergers, acquisitions and alliances within the auto industry. The fundamental factor driving this process is the need to produce returns for shareholders. "Workers' interests are often a secondary concern," declared Malentacchi.
Therefore, the IMF World Auto Company Councils have to review their structures. "They are no longer appropriate," Malentacchi said. "At this point, it is silly for the Nissan Council to meet in the absence of Renault and ditto for the Mazda and Mitsubishi Councils."
In this respect, the forthcoming IMF World Auto Council, which will take place on September 26-28 in Wolfsburg, Germany, will review the structure of current IMF Auto Company Councils.