Cummins Engine Co., Ltd. (CMI) recently announced that it will lay off 500 employees by the end of this year, equivalent to 3.5% of its total workforce, due to the sudden drop in demand for medium-sized and heavy trucks and construction products.
The company said that this move will help its fourth fiscal season cost about 30 million - 40 million US dollars.
In addition, Cummins said it expects revenue for the 2008 fiscal year to grow by 9%, which is lower than its previous forecast of 12%.
Earnings before interest and taxes will reach 9% of sales, which is lower than the previously expected 10%.
Cummins also reiterated its solvency, saying that its asset-liability ratio was less than 15%, and that it had sufficient cash to have a $1.1 billion revolving credit facility.
View related topics: Cummins - world-class engine manufacturer
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