Adient (NYSE:ADNT) layoffs are a hot topic on Monday after the seating systems company announced plans to cut jobs overseas.
The exact number of jobs being cut is still unknown, but the company is looking to move some positions out of Europe. It instead wants to shift these jobs to countries with lower labor costs to reduce expenses.
Adient also hasn’t said what countries it will be moving jobs to. What we do know is this decision comes after it posted first-quarter results with lackluster sales. This has the company seeking to address that issue with layoffs and job shifts.
We do know how much Adient expects to pay in connection to the layoffs. The company is figuring for $125 million in restructuring charges while expecting to save $60 million per year from the changes starting in 2027.
Adient Joins Growing Layoffs List
Adient is far from the only company that has announced layoffs recently. Many corporations are reducing headcounts to combat a tough economy. This comes as inflation has continued to weigh on both consumers and businesses.
ADNT stock is up slightly as of Monday morning but down 20.9% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
