ArvinMeritor Reportedly Cutting 1,850 Jobs Worldwide
Move Follows Company's Second-Quarter Loss
The company on Tuesday reported a second-quarter 2005 loss of $33 million or 48 cents a share, compared with a profit of $41 million or 59 cents a year earlier.
ArvinMeritor would not specify in its Securities and Exchange Commission filing where the job cuts were being made or the plants were located, AP reported.
In its filing ArvinMeritor said the cuts primarily affect its light-vehicle segment, most of which is located outside the United States, AP said. ArvinMeritor has about 31,000 employees at 120 plants in 25 countries.
Sales rose 14% from last year to $2.28 billion, the company said.
“Despite tough conditions and many challenging issues within the industry as a whole, we are making good progress in growing our sales and managing our costs,” Chairman and Chief Executive Officer Charles McClure said in a statement.
