Delphi to Cut Jobs, Predicts Large Loss for 2005

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elphi Corp., the world's largest maker of auto parts, said Friday it expected a net loss as large as $350 million in 2005. It also said it would cut its workforce by as many as 8,500 positions.

The company said in a statement that sales would be between $28.5 billion and $29 billion next year. It said it expected a net loss for the fourth quarter of $123 million to $143 million.

The job cuts would amount to 4.7% of Delphi's workforce and come on top of 9,500 workers trimmed this year, reducing current worldwide employment to 180,500, Bloomberg reported.

Delphi said the job cuts would be accomplished through General Motors flowbacks, normal attrition and incentivized retirements. About 3,000 were expected to be U.S. hourly employees and 5,500 non-U.S. employees.

It said the job cuts "were a reflection of the continued pressures from low global production volumes and commodity price increases in the fourth quarter."

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