Mexican Media Brands
Cummins to Cut 1,500 Jobs
Cummins Inc. has lowered its 2012 outlook for the second time and unveiled a restructuring that includes shedding as many as 1,500 employees by year-end, reducing work hours and closing several unidentified plants.
#workforcedevelopment
Share
Cummins Inc. has lowered its 2012 outlook for the second time and unveiled a restructuring that includes shedding as many as 1,500 employees by year-end, reducing work hours and closing several unidentified plants.
The Columbus, Ind.-based engine maker says global economic uncertainty has prompted its customers to delay capital spending. Cummins plans to disclose further details when it reports third-quarter results on Oct. 30.
The company cut its full-year revenue forecast by $1 billion to $17 billion, down 6% from 2011. The company originally predicted a 10% revenue gain in 2012. But its revised estimate in July was that sales would match last year's $18 billion.
Cummins expects earnings before interest and taxes to be 13.5% of sales compared with its original guidance that EBIT margin could be as high as 15%. That margin was. 14.2% last year.
RELATED CONTENT
-
Report: Ford Targets Europe in Plan to Cut 24,000 Jobs Worldwide
Ford Motor Co. is pondering a plan that would shrink its 202,000-member global workforce by 12%, mostly through reductions in Europe, according to the U.K.’s Sunday Times.
-
Bill Ford Describes Trump Meeting Over Mexico Jobs
Ford Motor Co. Chairman Bill Ford reveals he met with Republican presidential candidate Donald Trump a few months ago to discuss Trump’s “infuriating” comments about the company’s activities in Mexico.
-
UPDATE: UAW, GM Reach Tentative Labor Deal
General Motors Co. and the United Auto Workers union have reached a possible deal on a new four-year labor contract covering some 48,000 of the union’s hourly workers in the U.S.