Cummins announces hundreds of planned layoffs
A Columbus-based company announced plans to layoff more than a thousand workers Tuesday.
Cummins Inc. says it will "reduce its workforce by between 1,000 and 1,500 people by the end of the year." The company says the action is in response to the need to cut costs while maintaining investments in key growth programs in the current economic environment.
"Responding quickly and strategically during these challenging economic times will pave the way for Cummins to emerge stronger as a company when markets inevitably rebound'' Chairman and CEO Tom Linebarger said in a release. "Taking these actions now will allow us meet customer needs, maintain strong financial performance and allow us to capitalize on future growth opportunities."
The company also lowered its full-year revenue outlook by a billion dollars to $17 billion from previous estimates.