Tuesday, April 28, 2009

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Magna International announces more layoffs

Magna International is laying off about 725 employees temporarily at its biggest plant in the country.

The company announced this morning that Formet Industries, a manufacturing division of Magna International Inc.'s Cosma unit, will cut production and jobs dramatically at its St. Thomas plant next month because of the slide in demand for North American trucks. The reduction represents more than half of the plant's workforce.


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