Mercedes-Benz Plans To Lay-Off 3,600 Workers In Brazil: Reuters

Mercedes Benz Group ADR DMLRY has decided to cut off 3,600 of its employees in Brazil's Sao Paulo state due to production pressure, Reuters reported.
The company plans to outsource the production of front axles and medium transmissions, as well as logistics and maintenance services in the Brazilian city of Sao Bernardo.
The layoff includes 2,200 workers from the Sao Bernardo plant and 1,400 temporary workers whose contracts will not be renewed.
Mercedes Benz workers union, Sindicato dos Metalurgicos do Grande ABC, will hold a meeting with workers on Thursday regarding the decision.
Meanwhile, the company will focus more on the production of bus chassis and trucks, which it considers its core business, the report added.
Price Action: DMLRY shares closed lower by 1.74% at $13.59 on Tuesday.
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