Profits tumble as Honda heads into long UK break
Friday 30 January 2009
Workers at the UK factory of Japanese motor giant Honda will make the last cars for four months today because of an extended shutdown caused by the slump in sales.
Production at the plant in Swindon, Wiltshire, will be halted at the end of today's shift until 1 June.
The 4,200 workers will receive their full basic pay for the first two months, reducing to 60 per cent for the rest of the production shutdown.
Honda has stressed its commitment to retaining its Swindon workforce until the autumn when the Jazz model is due to go into production.
A number of UK car plants have cut production and jobs because of the huge slump in sales caused by the recession, which has had a knock-on effect on supplier firms.
Meanwhile Honda Motor Co. slashed its annual profit target by over half today as quarterly profit tumbled 90 per cent, hit by rising costs, a stronger yen and falling sales in key markets.
Japan's No. 2 automaker said net profit for the October-December period was 20.24 billion yen versus 200 billion a year earlier.
Honda cut its profit target for the current fiscal year through to March by 57 per cent, to 80 billion yen ($888.9 million) from 185 billion yen. The revenue target was lowered by 3 per cent to 10.1 trillion yen from 10.4 trillion yen.
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 1 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 2 Disney announces new female-led film Moana
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
Worst Airports of 2014: Poll names Islamabad airport in Pakistan worst in the world
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...