Tatra to cut 820 jobs due to crisis, reduce production

CTK / November 25, 2008 Koprivnice, Nov 24 (CTK) – Tatra lorry maker, a member of Tatra group, will cut its staff numbers from almost 4,400 employees in June 2008 to about 3,570 staff by the end-March 2009, having already cut about 500 jobs and planning to lay off further 320 staff in the first quarter of 2009, Tatra spokesman Vladimir Bytov told CTK Monday. Working hours at most of the company’s operations will be shortened by one-fourth until about end-March 2009. This should bring about cuts in wage costs by 8 to 10 percent and energy costs by about one-fifth. Top management wages should be reduced by 10 percent during this period. However, the company will not decrease expenditure on research and development, as it wants to offer new products, Tatra general director and chairman of the company’s board of directors Ronald Adams has said. Tatra generated sales of Kc5.9bn and net profit of Kc859m in 2007, according to the company’s website.