P.M. BRIEFING : Kelsey-Hayes to Cut 1,000 Jobs
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DETROIT — Kelsey-Hayes Corp., formerly known as Freuhauf, said today it will begin cutting its payroll next week by more than 15%, or 1,000 hourly and salaried jobs, as it undergoes a major corporate reorganization into four business units.
K-H Chairman John F. Devaney said further declines in the automotive industry could cause the Romulus, Mich., vehicle parts maker to cut its 6,500-member work force even further.
Devaney also cited the company’s $16.9-million net loss during the first nine months of 1989 for the cuts, to be done through layoffs, early retirements, voluntary resignations and terminations.
K-H was acquired by Varity Corp. of Toronto for $579 million last month. The company abandoned the Freuhauf name last August after it sold off its slumping truck trailer operations to Terex Corp.
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