Mercedes-Benz Plans To Lay-Off 3,600 Workers In Brazil: Reuters

Author: Shivani Kumaresan | September 07, 2022 06:20am

• Mercedes Benz Group ADR (OTC:DMLRY) has decided to cut off 3,600 of its employees in Brazil's Sao Paulo state due to production pressure, Reuters reported.
• The company plans to outsource the production of front axles and medium transmissions, as well as logistics and maintenance services in the Brazilian city of Sao Bernardo.
• The layoff includes 2,200 workers from the Sao Bernardo plant and 1,400 temporary workers whose contracts will not be renewed.
• Mercedes Benz workers union, Sindicato dos Metalurgicos do Grande ABC, will hold a meeting with workers on Thursday regarding the decision.
• Meanwhile, the company will focus more on the production of bus chassis and trucks, which it considers its core business, the report added.
• Price Action: DMLRY shares closed lower by 1.74% at $13.59 on Tuesday.
• Photo Via Wikimedia Commons

Posted In: DMLRY