STUTTGART -- Luxury carmaker Porsche will wrap up a deal with staff within weeks to secure German jobs in return for cost-saving concessions on working conditions, Chief Executive Wendelin Wiedeking said.
"The agreement on securing the future of plants will come by the end of July," he said late on Thursday in Karlsruhe after giving a speech.
Most major points have been agreed for the accord, which aims to boost productivity at Porsche's main Zuffenhausen plant by at least 6 percent a year.
Labor and management agreed in principle late last month that Porsche would maintain until 2010 jobs for two-thirds of the staff at the Zuffenhausen, Ludwigsburg and Weissach plants in return for longer and more flexible working hours.
The accord calls for investing around 200 million euros ($240.6 million) in a new paint shop and continuing to manufacture motors for all Porsche model ranges in Stuttgart.
Porsche, already boasting the carmaking world's fattest profit margins, has sought labor concessions in return for making a planned fourth model line in Germany.
The company has said it will decide around mid-year whether to introduce a new model line in addition to the Boxster roadster, Cayenne offroader and 911 premium sports car.
Other German carmakers such as DaimlerChrysler and Volkswagen have made similar pledges on job security at German plants in return for concessions from workers.