Canada's Magna to cut jobs in Europe, U.S.: report
FRANKFURT (Reuters) - Canadian auto parts maker Magna International plans to cut jobs in Europe and the United States as it seeks to reduce costs and offset weak demand in Europe, Chief Executive Donald Walker told German magazine WirtschaftsWoche.
Magna, which also manufactures complete vehicles on a contract basis, has been pushing to turn around inefficient operations in Europe, where sales rose 2 percent in 2012, compared with a 10 percent increase in North America.
Magna needs new orders for its factory in the Austrian province of Styria and wants to facilitate getting those orders by cutting costs, Walker said.
- Police seek motive in fatal Washington state school shooting
- Two deputies killed, two others hurt in California shooting spree
- Wall St. finally turning on Amazon as Bezos magic fades
- Iran hangs woman convicted of killing alleged rapist
- Medical worker quarantined in New Jersey under new Ebola safeguards |