CNN —
Volkswagen announced sweeping changes to its German operations, including more than 35,000 future job cuts and capacity reductions in a last gasp deal between Europe’s top carmaker and unions on Friday to avert mass strikes.
The agreement was nevertheless hailed as a “Christmas miracle” by union leaders after 70 hours of grueling negotiations, the longest in the company’s 87-year history, as there would be no immediate site closures, layoffs or wage cuts.
Volkswagen has been in talks with union representatives since September over measures it says are necessary for it to compete
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