The Associated Press
October 24, 2008
DETROIT â€“ Chrysler LLC says it will cut 25 percent of its salaried work force starting next month.
- A d v e r t i s e m e n t
The company says the cuts are in addition to those previously announced and will be done through involuntary layoffs and voluntary retirements and buyouts.
Chrysler has about 18,500 white-collar workers.
The company said in a statement Friday that employees also were told to cut discretionary and overhead expenses and reduce capital expenditures not related to major products.
Chrysler’s owner, Cerberus Capital Management LP, is in talks to sell the company or merge with another. Discussions are under way with General Motors Corp. and the combined Nissan Motor Co. and Renault SA.