Release time : 2015-06-15 12:19:49
Federal-Mogul Needle roller Bearings Corporation (USA; NASDAQ: FDML), facing mounting financial pressure as the worldwide auto industry continues to decline, has now said it will lay off 4,600 more workers, or 10% -- bringing the total announced layoffs to 8,600 since September, or 17.2% of its global workforce.
In September, F-M announced it will lay off 4,000 employees, or 8% of its 50,000 workers, starting in 2009.
In another vaguely worded announcement, F-M has now added 4,600 more, or 10% of the remaining 46,000, bringing the number of jobs down to 41,400. But no details are available other than the layoffs will cost approximately $160 million through 2009, and will begin in first quarter 2009.
F-M President, Jose Maria Alapont, said: "These measures are required to prepare the company for the unprecedented challenges in the Stainless Steel Bearings industry."