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BUSINESS BRIEFING / AUTOS

Parts maker to slash 4,000 jobs

September 18, 2008|From Times Wire Services

Federal-Mogul Corp., the auto parts maker controlled by billionaire Carl Icahn, will eliminate 4,000 jobs globally because of slowing vehicle sales.

The cuts represent 8% of the workforce and will result in expenses of $60 million to $80 million, the Southfield, Mich., company said.

The reductions are the first that Federal-Mogul has announced since it emerged from bankruptcy protection in December. During six years of reorganization, the company began shutting plants in nine locations in the U.S. and Europe. New-vehicle sales have dropped 11% in the U.S. this year and 16% in Europe.

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