Subject: [cwj 2] Mitsubishi Motors Australia to cut 600 jobs after 1999 loss
From: Amit Srivastava <amit@corpwatch.org>
Date: Thu, 27 Apr 2000 16:21:42 -0700
Seq: 2

Thursday, April 27 3:52 PM SGT 

Mitsubishi Motors Australia to cut 600 jobs after 1999 loss

SYDNEY, April 27 (AFP) - 

Mitsubishi Motors Australia Ltd plans to cut around 600 jobs as part of
restructuring aimed at restoring the viability of its operations,
the company said Thursday in a statement.

The announcement followed its posting of a 130 million dollar (78 million
loss for 1999.

Chairman and managing director Norio Takehara said the loss was due to
lower margins because of adverse currency exchange
movements, global overproduction and a softening in domestic demand in the
latter half of the year.

"Our parent company, Mitsubishi Motors Corp, has made it clear that we have
to address costs to become profitable. 

"Therefore we must undertake strategic restructuring to guarantee
Mitsubishi Motors' strong future in Australia," Takehara said.

"We simply have to become more efficient and flexible as a low volume
producer in a global market."

Takehara said the job reductions would help guarantee the future of the
company's Adelaide operations.

==================================
Amit Srivastava
Climate Justice Coordinator
Transnational Resource and Action Center (TRAC)/ Corporate Watch
P.O. Box 29344, San Francisco, CA 94129, USA
Tel: 1 415 561 6472  Fax: 1 415 561 6493
Email: amit@corpwatch.org
Web: http://www.corpwatch.org
==================================
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