An upstate New York auto parts plant is laying off 250 workers as the company copes with severe declines in the automotive industry.
The layoffs at New Process Gear take place immediately. The company employs 2,300 workers.
New Process Gear makes transfer cases that turn two-wheel drive vehicles into four-wheel and all-wheel drive. It counts Ford, General Motors and Chrysler as its customers.
In recent weeks, the automakers have reported significant declines in demand for trucks and SUV's. General Motors said on June 3 that it would close four truck and SUV factories, cutting 8,000 jobs.
Even as it cuts jobs at its East Syracuse plant, owner Magna Powertrain is telling workers that its $40 million modernization plans for the plant remain intact.
Terms & Conditions
RSS Headlines
Fool UK