US heavy-duty vehicle maker Oshkosh Corporation said Tuesday it would cut 900 jobs in its defense division this year mainly due to military spending cutbacks. Oshkosh said in a statement it planned to cut about 700 hourly positions starting in mid-June and to eliminate 200 salaried jobs through July. The layoffs will reduce the workforce in the defense division to approximately 2,800 employees. "Oshkosh expects domestic military vehicle production volumes to decline significantly as the year progresses," predicting output to drop by 30 percent in the coming months, said the company, based in Oshkosh, Wisconsin. It blamed "the reduction in US defense budgets and a return to peacetime spending levels as the US winds down war activities." Facing a swollen budget deficit, the government is sharply reducing spending under the so-called "sequester" program of automatic cuts that took effect on March 1.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor