Daimler AG Layoffs to Hit More Than 1,200 Employees in US, Mexico

Daimler expects slow truck demand in NA

Daimler AG (DDAIF) has announced that it will be laying off 1,240 of its employees.

Daimler LayoffsThe Daimler layoffs will have 600 workers at the Mount Holly, N.C., plant and 200 workers in Gastonia, N.C., being cut from June 24 to July 1. Another 170 workers will be laid off in Portland, Ore. and 270 employees will lose their jobs in Santiago, Mexico.

These Daimler layoffs are occurring after the company reported that it expects truck sales to slow in North America and hurt its earnings for the year. It’s the second time this year that DDAIF has announced major layoffs, with 700 cuts being made in February, reports The Wall Street Journal.

“These workforce adjustments are expected to be temporary and workers will have first rights to be recalled when production is able to sustain a higher build rate,” Daimler told Investing.com.

DDAIF shares were up 1% as of Tuesday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/daimler-layoffs/.

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