During Thanksgiving from November 25th to 29th and the New Year from December 30th to January 3rd, 1,300 non-factory pay employees will be suspended from work and will not be paid.
According to foreign media reports, car seat supplier Adient will allow some of its U.S. employees to take unpaid vacations within two holiday weeks. The company confirmed to foreign media on October 18 that during Thanksgiving from November 25 to 29 and the New Year from December 30 to January 3, 1300 non-factory pay employees will be suspended from work and Will get paid.
Mary Kay Dodero, director of communications at Adient, said in an email that the cause of the employee's unpaid leave was a five-week UAW strike experienced by General Motors. "Although Adorto has a large number of customers worldwide, the unexpected loss of sales and profits caused by GM's strike has affected Adorto's business in the Americas. Adorto has decided to take proactive actions to make up for losses and ensure the company's long-term It is in a good position. "Affected by GM's strike, many suppliers have laid off some factory employees, and Adorto is one of them. But the company declined to disclose the exact number of workers affected by the layoffs. "
In the past year, Adient has made several rounds of layoffs. Not long ago, the company released its latest financial report, which showed that in the third fiscal quarter, the company had revenue of $ 4.2 billion and a net loss of $ 321 million. In the same period last year, the company had revenues of $ 4.5 billion and net income of $ 54 million. The company said that its losses were mainly due to the impairment of approximately $ 250 million in deferred income tax assets, $ 50 million in taxes and fees and $ 34 million in restructuring-related expenses.
Adient did not pay dividends last year because the company's fourth-quarter net loss reached $ 1.35 billion. Since then, the company has focused on debt reduction and "financial flexibility."
Despite heavy financial pressure and the impact of GM's strike, Andorra is still favored by Wall Street. As of the close of October 17, the company's stock price has risen more than 49% to $ 24.46 during the year.