23 Jan '12, 8am

Toyota's Australian arm to let go 350 workers: SYDNEY (AFP) - The Australian arm of Japanese auto giant Toyota

SYDNEY (AFP) - The Australian arm of Japanese auto giant Toyota announced on 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,' Mr Yasuda said. The cuts represent about 7.5 per cent of the plant's workforce.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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