Delphi issues earnings warning, says will cut 11,500 jobs
Thursday, March 29th 2001, 12:00 am
By: News On 6
DETROIT (AP) _ Delphi Automotive Systems Corp., the world's largest auto parts supplier, said Thursday it will cut 11,500 jobs under a major restructuring plan prompted by a soft auto market.
Delphi also said its first-quarter earnings would be short of Wall Street forecasts.
While jettisoning 5 percent of its global work force, Delphi said it plans to sell, close or consolidate nine plants and cut staffing at more than 40 other sites as it exits $900 million of the company's businesses.
The planned job cuts afffect 5,600 of Delphi's U.S. hourly workers, 3,900 workers outside the United States, and 2,000 white-collar workers nationwide. Delphi expects to eliminate those jobs through early retirements, layoffs and attrition.