Terex announces job cuts after tough quarter
After a loss-making start to the year, Terex is to cut 670 jobs across all segments in a bid to produce annualised cost savings of US$60m.
Of the total, 40% will be realised in 2016 while specifically 7% of jobs in selling, general and administrative (SG&A) expenses will be lost.
As much as US$30m per year in savings is to come from the port solutions segment where Terex president and CEO, John Garrison, wants to improve profitability.
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