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KC area auto parts supplier expected to lay off more than 100 workers in coming months
E.Chen12 days ago
Another automobile manufacturer i n Riverside is set to lay off 144 employees in the coming weeks. The layoffs were announced Tuesday by Martinrea, an auto parts producer with a facility at 5233 NW 41st St. in Riverside. In a notice required by law in cases of mass layoffs, the company said it will permanently lay off 69 employees at the Riverside plant as early as December 5 and another 75 employees by January 17. The layoff dates could change based on information from a company for whom the facility produces certain parts. The notice did not disclose the name of the customer in question. Martinrea did not respond for comment. In the notice, the company said this was "unexpected" and resulted from the customer accelerating the production of multiple products. Martinrea The customer also notified the company it will not be working with Martinrea for future production lines. The bulk of the layoffs come from production associates, with 50 associates expected to be laid off on December 6 and 39 associates expected to be laid off in January. The Martinrea announcement follows other recent layoffs, including in Riverside. Yanfeng, an international automotive parts supplier headquartered in China, and Aident, a seat manufacturer, have said they will lay off a combined 600 workers in Riverside from November through January. STORY: Spirit Airlines has filed for bankruptcy protection.Monday's (November 18) disclosure follows a long run of quarterly losses and significant debt for the pioneer of no-frills air travel in the U.S.Spirit's troubles deepened after the collapse of its $3.8 billion planned merger with JetBlue Airways in January.It also endured the impact of RTX engine issues that grounded many of its aircraft.Spirit had been losing money despite strong travel demand, as it struggled with bloated costs.A court filing Monday showed the airline listed its estimated assets and liabilities in the range of $1 billion to $10 billion each.Spirit has entered into an agreement with its bondholders expected to reduce total debt and provide increased financial flexibility.The airline has received commitment for a $350 million equity investment from existing bondholders.They will also provide $300 million in debtor-in-possession financing.Together with available cash that is expected to support the airline through the Chapter 11 process.Spirit expects to be delisted from the New York Stock Exchange in the near term.The company started out as a long-haul trucking company in 1964 before shifting to aviation around 1983. The discount carrier became popular with budget-conscious customers.But ultra-low-cost carriers have struggled since the pandemic.Travelers have preferred to pay extra for a more comfortable journey as they pursue experiences. STORY: :: Americans are expected to set anew travel record this Thanksgiving::80 million are preparing to hit the roads, catch flights and board cruises over the holiday:: That's an increase of about 1.7 millioncompared to the same period in 2023:: And a record number of Americans are expected to fly to their destinations:: American Airlines is expecting 8.3 million passengers from Nov. 21 to Dec. 3:: That is about 500,000 more customers than last year:: Delta said it is expecting 6.5 million passengers over 12 days, a 5% year-over-year increase::,with an average airfare of $273, up 9% from last year::23% compared to last Thanksgiving:: while average ticket costs are down 5%
Read the full article:https://www.yahoo.com/news/kc-area-auto-parts-supplier-215806351.html
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