It's another sign that the automotive industry is taking a huge hit during these hard times. According to published reports, Toyota Manufacturing in Buffalo will lay off approximately 120 temporary workers by the end of January 2009.It's a companywide move to cut costs.
Those primarily affected are part-time workers in the engine and transmission plant. In addition, the company will closely monitor overtime and reduce hours where possible.
While Toyota will soon takeover General Motors as the Automotive leader, the company has seen sales diminish.
That decline in revenue now has the Nation's top three automakers, GM, Ford Motor Co. and Chrysler LLC, on Capital Hill with their hand out on a proposed $25 billion auto industry bailout package.
Source : wowktv
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession]
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