Federal-Mogul Will Now Axe 8,600 Jobs

Resource from: CBCC Likes:2939

Jan 20,2009

Federal-Mogul 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 automotive industry."

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