Eaton announces layoffs: CORRECTION
KALAMAZOO, Mich. — Eaton Corp. will cut 5,200 jobs worldwide due to depressed demand. The layoffs will occur across all divisions of the company, which is active in the automotive, aerospace, electrical, and hydraulics industries, as well as truck components.
The company will not release layoff numbers for each specific division.
The layoffs follow about 3,400 cuts last year. Combined, they represent about 10 percent of the company’s total global workforce.
CEO Alexander Cutler said last month that Eaton’s automotive, truck and hydraulics operations experienced a “dramatic deceleration” in demand, Bloomberg reported.
The company had about 83,000 workers during its peak employment last year.
NOTE CORRECTION: The original version of this story published online yesterday and in our NewsFIRST e-newsletter earlier today wrongly implied that these layoffs affect the truck components division alone and were due solely to depressed vehicle demand. There is, of course, a drop in demand across many of the industries Eaton serves. We regret the error.
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