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Federal-Mogul to Cut Jobs After Third-Quarter Loss
Federal-Mogul Corp. swung to an $11 million loss in July-September from a $34 million profit in the same period of 2011 as demand fell in Europe for the company's powertrain, braking, lighting and fuel system products.
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Federal-Mogul Corp. swung to an $11 million loss in July-September from a $34 million profit in the same period of 2011 as demand fell in Europe for the company's powertrain, braking, lighting and fuel system products. Revenue shrank 8% to $1.6 billion.
Federal-Mogul, which shed 400 temporary employees earlier this year, says it will eliminate more than 400 additional jobs by year-end, most of them in Europe. The company is trimming its production schedules as customers idle their car and truck facilities. Federal-Mogul also has put investment in building or expanding factories on hold.
The company bought BorgWarner Inc.'s Beru spark plug unit, including plants in France and Germany, in July to boost its presence in Europe.
Revenue at Federal-Mogul's powertrain unit dropped 10% to $982 million in the three-month period. Sales dipped 4% to $725 million at its vehicle parts operations.
Earnings before interest, taxes, depreciation and amortization slipped to $101 million (6.3% of sales) in the latest quarter from $161 million (9.3%) a year earlier.
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