Columbus-based engine manufacturer Cummins plans to reduce its workforce by between 1,000 and 1,500 people by the end of this year. It is not clear yet where the cutbacks will be made.
Chairman and CEO Tom Linebarger refers to uncertainty about the the global economy, prompting customers to delay capital expenditures and lower the demand for Cummins products.
With that, the company is lowering its revenue outlook by a $1 billion to $17 billion. Cummins will also be taking other steps to reduce costs including work week reductions and shutdowns at some of its manufacturing facilities.
Linebarger says these actions will allow Cummins to meet customer needs, maintain strong financial performance and capitalize on future growth opportunities.