- Mercedes Benz Group ADR (OTC:DMLRY) has decided to cut off 3,600 of its employees in Brazil’s Sao Paulo state due to production pressure, Reuters reported.
- The company plans to outsource the production of front axles and medium transmissions, as well as logistics and maintenance services in the Brazilian city of Sao Bernardo.
- The layoff includes 2,200 workers from the Sao Bernardo plant and 1,400 temporary workers whose contracts will not be renewed.
- Mercedes Benz workers union, Sindicato dos Metalurgicos do Grande ABC, will hold a meeting with workers on Thursday regarding the decision.
- Meanwhile, the company will focus more on the production of bus chassis and trucks, which it considers its core business, the report added.
- Price Action: DMLRY shares closed lower by 1.74% at $13.59 on Tuesday.
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