Oshkosh to Lay Off 900 Workers
Oshkosh plans to enact a series of employee redundancies this summer. The company announced that it will cut the workforce comprising its defense division by roughly 700 workers starting in mid-June, then by another 200 or so through the following month.
Following those rounds of layoffs, the division's employee ranks will be thinned to around 2,800 in total.
Oshkosh is cutting those jobs due to the expectation that the production volume of military vehicles will "decline significantly" over the course of the year in general and by around 30% this summer in particular. This is due to a drop in the government's defense budget as the military returns to a more peacetime stance.
The article Oshkosh to Lay Off 900 Workers originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Oshkosh, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.