ArvinMeritor to Cut Another 1,500 Jobs
The ripples from the impact of plummeting sales of new trucks spread wider last week as ArvinMeritor (ARM), a major manufacturer of axles for heavy vehicles, announced plans to cut another 1,500 jobs, or about 4% of its workforce, from its payroll.
Dana Corp., (DCN) a rival of ArvinMeritor based in Toledo, Ohio, had announced on Oct. 17 reductions totaling 3,500.
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In so doing, the company joined other suppliers of heavy truck parts in job reductions that now total 6,240.
ArvinMeritor, based in Troy, Mich., cut 340 jobs in its Commercial Vehicle Systems Division earlier this month (11-6, p. 4). The 1,500 now targeted are in addition to those, Bloomberg News said.
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