Delphi Announces Plans To Cut 8,500 Jobs - AP

[hatrack]

DETROIT (AP) -- Delphi Corp. said Friday it plans to cut 8,500 jobs - or 4.6 percent of its total work force - worldwide next year as part of an ongoing restructuring. The world's largest automotive supplier also expects to lose $350 million as it struggles with lower vehicle production and rising commodity prices.

The Troy-based company had a similar goal for global job reductions in 2004 and exceeded it through attrition, retirements and job transfers. In the first nine months of 2004, Delphi trimmed between 9,100 and 9,200 jobs, spokeswoman Claudia Baucus said.

Of the total announced Friday, Delphi said 3,000 of the cuts were expected to be U.S. hourly employees and 5,500 would be from outside the country.

EDIT

Delphi, which has 186,500 employees worldwide, is among several auto suppliers that recently have warned of lower-than-anticipated earnings because of higher materials expenses, particularly for steel, and because top U.S. automakers General Motors Corp. and Ford Motor Co. plan to turn out fewer vehicles."

EDIT

http://hosted.ap.org/dynamic/stories/D/DELPHI_JOBS?SITE=MOSTP&SECTION=BUSINESS

[mhr]

1. Man - The Bush Jobs Machine Has Been Working Overtime This Week

One guesses that all those executives feel guilty about their bonuses and felt they had to take action.

[lonestarnot]

2. MORE ON SLAVE LABOR ECONOMY...stay tuned!

[ClintonTyree]

3. There will be plenty of new jobs waiting for them.................

flipping burgers, mowing lawns, painting houses and sweeping up nights at Wal-Mart. What a bunch of cry babies! The Bush economic miracle has provided well for these instances. These jobs will be exported to India or China thus reducing the trade deficit. It all fits perfectly into the Bush economic plan I tell you! :eyes:
How........HOW could this son of a bitch get re-elected? I know, stolen election, rigged voting, yada, yada, yada. But the fact remains that somewhere in the vacinity of 50% of Americans voted for this complete failure of a man. I have no confidence in the people of this country anymore. None.

[Prisonerohio]

4. The Economy is going great!

The media keep saying the economy is in recovery, but I read about new layoffs every day, and the US dollar is still falling. It may be time to start stuffing the mattresses.

[Mr. Sinister]

6. Better stuff it with Euros....

our dollars will soon be fancy toilet paper.

[borlis]

5. Delphi is my husbands biggest customer. In fact he is there

right now. Kokomo today, but was at their Troy plant yesterday and Wednesday. I wonder if this will effect him somehow? How can the economy be getting better? Does the media have to start losing jobs for reality to sink in??

[Wisc Badger]

7. PHOOEY!!!

But this is just the tip of the Iceberg, has any one noticed that GM and Ford are reporting a large day stock of unsold vehicles.

THis mean production slow downs and lay offs, and a ripple effect through the rest of the economy.

G*&^DA(*N Bush anyway!!

[llmart]

8. Layoffs so the bottom line can look better.....

and the stockholders get richer. The guys at the top of corporations get stock options for bonuses. Meanwhile, the laborers get the pink slips.

The media/administration will spin this as a sign the economy is improving. The people in this country buy into the spin even though it doesn't sit right with their intuition. They are lazy thinkers, if they're thinkers at all. They think they're informed if they watch the headlines of CNN or FAUX News. They really do.

We will need a serious depression to wake these people up.