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Leoni shows door to 4,000 employees
By siliconindia
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Tuesday, 24 March 2009, 23:27 IST
Nuremberg: Leoni, German automotive cable and wiring supplier, has shown door to 4,000 employees since the start of the year as it braces itself for a sharp drop in revenue and a further hit to profits in 2009.
"Exactly how severe the decline in the markets affected by the global recession will be over the year as a whole is something that cannot, from today's perspective, be reliably projected," the company said in a statement.
Turnover fell 40 percent in the first two months alone compared to the same period a year ago. In 2008, earnings before interest and tax dropped to 55.7 million euros ($75.91 million) from 138 million in the previous year, while net income collapsed to just 5.2 million from 86.2 million in 2007.