http://cbs.marketwatch.com/news/story.asp?guid=%7B1B894506%2D88D4%2D4C5A%2D900E%2D985CE3417984%7D&siteid=mktwNEW YORK (CBS.MW) -- Delphi Corp., the world's largest auto supplier, is getting smaller, announcing Friday it would cut 8,500 positions and post lower fourth-quarter earnings.
Delphi said global production volumes and commodity price increases would translate to fourth-quarter revenue at the Troy, Mich.-based company of $6.9 billion to $7 billion, about $200 million below its previous expectations.
Delphi said that 2,300 "high-wage redundant workforce" positions would be eliminated as part of a plan to speed up retirements and normal attrition for about 3,000 U.S. hourly employees. Another 5,500 jobs based outside the U.S. would be scrapped.
Shares of Delphi (DPH: news, chart, profile), a former unit of General Motors, rose 11 cents in pre-open trading on Instinet to $8.75.
...more...