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Arvin goes into cost-cutting mode in face of financial crisis

Discussion in 'Truckers News' started by Cybergal, Oct 31, 2008.

Oct 31, 2008 #1

Cybergal Road Train Member

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Arvin goes into cost-cutting mode in face of financial crisis
10/31/08

TROY, Mich. -- Citing the global economic downturn as the culprit, ArvinMeritor announced $125 million in cost reduction initiatives, including layoffs of about 1,250 workers in 2009.
The layoffs, which have already begun, represent about 7 percent of the company's global workforce.
Other "aggressive" cost-cutting strategies include comprehensive restructuring and exploring strategic alternatives to separate its Light Vehicle Systems (LVS) business group.
"Swift and decisive actions are necessary in response to todays global economic conditions, which include softness in all markets in which we participate, as well as weaker foreign currencies," said Chip McClure, chairman, CEO and president of ArvinMeritor.
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http://www.todaystrucking.com/news.cfm?intDocID=20638

Cybergal, Oct 31, 2008

Cybergal, Oct 31, 2008

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Arvin goes into cost-cutting mode in face of financial crisis

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