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Case New Holland will lay off 300 employees at its plant in Saskatoon.
In a news release dated Oct. 23, CNH said the cuts were a “consequence of the continuing weakness of the economy and a need to align production with demand.”
The layoffs are scheduled to take effect Nov. 23 and will last indefinitely. They will affect staff on all product lines.
Globally, CNH employs about 31,000 people and operates 40 manufacturing facilities and 27 research and development centres.
The Saskatoon plant produces seeding and harvest equipment.
In the third quarter of 2009, CNH reported an operating profit of $72 million, down from $339 million in the third quarter of last year. Despite this drop, the company said it is sure it will be able to pick up its sales next quarter.
“We remain optimistic about the future prospects for our agricultural and construction equipment businesses,” said CNH president and chief executive officer Harold Boyanovsky in a news release.
“(We) believe that the actions we have been taking, to ensure that CNH and its dealers and distributors are ready and able to compete aggressively as market conditions improve, will begin to show results in the fourth quarter.”
