Cummins Announces Downsizing and Downsizing for the Year

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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