Toyota Motor Company Plans Further Cuts

by scrosby on February 13, 2009

Toyota Motor Company has announced a series of cost-cutting measures for the company – after sales declined by 32%.

Company spokesperson Rick Hesterberg says more production cuts are ahead for many of Toyota’s North American plants.

In addition, they’re offering what they call a ‘voluntary exit program’ – which includes 20-thousand dollars and two-thousand additional dollars for each year of service.

“It’s probably going to be very enticing to those who are close to retirement or thinking about another opportunity and is ready to maybe step into another phase of their life and it might just be the right ticket,” says Hesterberg.

He says company executives and salaried workers are also taking pay cuts.

The Toyota production plant in Georgetown, Kentucky employs about seven-thousand workers.

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