Federal-Mogul to cut 4,600 more jobs
- 15 years ago
http://www.EmploymentCrossing.com
Federal-Mogul, the auto-parts supplier controlled by billionaire Carl Icahn, will cut 4,600 more jobs worldwide as automakers trim production because of dwindling sales.
Eliminating the jobs, which are about 10% of the workforce, will cost $80 million through 2009, the Southfield, Michigan-based supplier said.
The firings add to 4,000 layoffs announced in September, which Federal-Mogul said would cost $60 million to $80 million.
US industry wide auto sales slid 16% in November, and Asian and European automakers including Toyota and Volkswagen are cutting output as demand falls.
Federal-Mogul, the auto-parts supplier controlled by billionaire Carl Icahn, will cut 4,600 more jobs worldwide as automakers trim production because of dwindling sales.
Eliminating the jobs, which are about 10% of the workforce, will cost $80 million through 2009, the Southfield, Michigan-based supplier said.
The firings add to 4,000 layoffs announced in September, which Federal-Mogul said would cost $60 million to $80 million.
US industry wide auto sales slid 16% in November, and Asian and European automakers including Toyota and Volkswagen are cutting output as demand falls.