23 Jan '12, 8am

Toyota Australia to axe 350 jobs

Toyota Australia to axe 350 jobs

SYDNEY: The Australian arm of Japanese auto giant Toyota announced Monday that it would sack 350 workers at its southern carmaking plant, citing "unprecedented" pressure on its operations. Toyota Australia chief Max Yasuda said the firm would "immediately adjust its workforce" at its Altona auto plant, describing it as a necessary step given "current and anticipated" conditions. "Toyota Australia is facing severe operating conditions resulting in unsustainable financial returns due to factors including the strong Australian currency, reduced cost competitiveness and volume decline, especially in export markets," Yasuda said. The cuts represent about 7.5 percent of the plant's workforce. Demand had failed to recover from the global downturn, with production slipping a staggering 36 percent since 2007, when 149,000 cars were made, to just 95,000 forecast for 2012, he added. ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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