Visteon, the Detroit-based automotive parts manufacturer that was until recently fully owned by Ford Motor Company, announced a $188 million net loss in the third quarter and a significant round of job cuts. The company says 2,800 employees will be let go in response to “extremely difficult market conditions.”
Visteon has also cut back retired employee benefits for two plants that were closed earlier this year as the parts giant attempts to recuperate from diminished parts demand. Visteon was spun off from Ford in 2000, and although the company has attempted to bring in business from other auto manufacturers – particularly Japanese and Korean companies that build cars in North America – it can’t help but be hurt by the sluggish automotive market.
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10/30, 9:04 AM
posted by:
Mike the loser
WOW, what a shoker
10/30, 11:01 AM
posted by:
Lariat Luxury Locomotive Liner No.3
Unfortunately, there is more to come.