Harley-Davidson to cut 1,100 jobs in next two years
US legendary motorcycle-maker Harley-Davidson will cut 1,100 jobs following reduced sales amid a deepening recession. The Milwaukee, Wisconsin-based company will make the cuts over two years.
Issued on: Modified:
AFP - Top US motorcycle maker Harley-Davidson said Friday it would slash 1,100 jobs and production capacity as profits tumbled following reduced sales amid a deepening recession.
The job cuts will be made over two years.
"We obviously need to make adjustments to address the current volume declines," said Harley-Davidson's chief executive Jim Ziemer. "But we are also determined to do that in a way that will make us more competitive for the long term."
The Milwaukee, Wisconsin-based company suffered a 58 percent reduction in profit to 77.8 million dollars for the final quarter of 2008 from the same period a year earlier.
Worldwide retail sales of the iconic motorcycle maker fell 13.1 percent while domestic sales were down 19.6 percent.
For the full-year 2008, net profit fell 30 percent to 654.7 million dollars and sales dropped 2.0 percent to 5.6 billion dollars.
"We reduced our production levels prudently in 2008, helping our dealers achieve lower inventory levels," said Ziemer, "and we're going to show similar discipline in 2009."
Daily newsletterReceive essential international news every morningSubscribe