Ferrari to Cut Jobs, Idle Plants on Lower Orders
Ferrari SpA, the maker of $228,000 California supercars, is seeking to idle production and eliminate 9 percent of its workforce after sister brand Maserati reduced orders for engines.
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Source: Ferrari to Cut Jobs, Idle Plants on Lower Orders
Quote from the article:
Workers walked out for four hours today because Ferrari wants to cut 120 office positions and 150 factory jobs in exchange for the last payment of a 2009 bonus due last month, CGIL union official Giordano Fiorani said today in a telephone interview. The sports-car maker employs about 3,000 people. Ferrari, Fiat SpA’s most profitable brand, plans to idle a factory in Maranello, Italy, by laying off about 600 workers for a week starting May 17, Fiorani said. Ferrari is scaling back because of fewer orders from Fiat’s Maserati brand, for which Ferrari makes engines, said Ferrari spokesman Stefano Lai, who confirmed the plans to lower headcount and idle production. “Even though Ferrari’s margins are very high, they wanted to do better,” said Massimo Vecchio, an automotive analyst at Mediobanca SpA in Milan. “The recovery is moving very slowly.” Ferrari is slashing 2010 production targets to 11,000 vehicles from 20,000, CGIL union’s Fiorani said. Ferrari never planned to make 20,000 cars this year and will maintain production at about 6,000 vehicles, similar to last year’s output, Lai said. The company intends to outsource some jobs to local companies and offer some employees early retirement, Lai said. |
Source: Ferrari to Cut Jobs, Idle Plants on Lower Orders
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