Toyota announces workforce cuts
Toyota has announced that it will immediatly cut around 350 jobs - via compulsory redundancy - from the workforce at its manufacturing plant in Altona, Victoria.
The company cited 'unprecedented operating conditions' that are placing significant pressure on its operations which have forced it to undertake a review of the business.
"Toyota Australia is facing severe operating conditions resulting in unsustainable financial returns due to factors including the strong Australian currency, reduced cost competitiveness and volume decline, especially in export markets," says Max Yasuda, president and CEO of Toyota Australia.
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