Leoni Autokabel Polska, manufacturer of wire, cable and wiring systems for cars, has announced it will layoff 1,250 of its workers by November of next year. The company has said it will reduce its workforce from the current 1,650 to 400 in its Ostrzeszów plant due to decreasing demand for its products, which is linked to the crisis in the automotive sector.
The company will not renew 550 of the newest contracts and by November 2009, the number of employees at the Ostrzeszów plant will be around 400 people.
Source :
WarsawBusinessJournal[tags :
recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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