TRW to Cut Jobs, Consolidate Businesses
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TRW Inc. said it will cut 2,400 automotive jobs, including 10% of salaried jobs, and consolidate its automotive businesses into one unit as the biggest U.S. maker of air bags tries to improve efficiency.
The consolidated unit will be based in Livonia, Mich. John Plant, chief executive of the company’s chassis systems business, will head the new unit, TRW said.
It’s the latest move by David Cote, who became chief executive in February, to pare costs as the economy slows. On Monday, the company said it will eliminate 1,100 aerospace positions, or 16% of the unit’s work force, because of slowing demand for commercial aircraft products after the terrorist attacks.
Before Sept. 11, TRW planned to condense its three automotive units into two.
TRW plans to report third-quarter results today. Shares of the Cleveland-based company fell 21 cents to $33.35 on the New York Stock Exchange.
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