Fiat to Slash 12,300 Jobs Worldwide
From Associated Press
Fiat plans to slash 12,300 jobs worldwide over the next three years and close a dozen factories -- part of a turnaround plan aimed at returning the struggling conglomerate to profitability in 2006.
The three-year, $22.5-billion investment plan was seen as the company’s last chance to remain afloat, after years of slumping sales in Italy and Western Europe.
The job cuts will be made at the money-losing core unit Fiat Auto, truckmaker Iveco and tractor-and-earthmoving equipment maker CNH Global.
