In The News

Eaton announces layoffs for 5,000-plus

KALAMAZOO, Mich. -- Truck components maker Eaton Corp. will cut 5,200 jobs worldwide due to depressed vehicle demand, mainly in heavy-duty segments.

The lay-offs, which represent about 10 percent of the company's global workforce, follow about 3,500 cuts last year.

CEO Alexander Cutler said last month that Eaton’s automotive, truck and hydraulics operations experienced a “dramatic deceleration” in demand, Bloomberg reported.

The company had about 83,000 workers during its peak employment last year.