Ferrari announces a temporary lay-off in November

Article by Christian Andrei, on August 29, 2010

Ferrari revealed that another wave of layoffs is to be expected next month, despite its denials of ever being affected by the global economic downturn. A 10% reduction of Ferrari's workforce was done last December.

This time, there will be a temporary layoff for a week that's set to take effect from November 9-13 affecting 15% of the workforce.

In a statement, Ferrari said that it decided on doing this due to the drop in production for Maserati's engine manufacture and paint areas. With this temporary layoff, Ferrari intends to safeguard levels of occupation of the workforce.

Ferrari said that the layoff became necessary because the sales forecast for 2009 and 2010 for Ferrari will be slightly lower than the record number achieved last year.

Therefore, it makes it impossible for the company to reallocate the workers involved in the production activities covered by the temporary lay-offs.

The 2008 financial year of Ferrari ended with revenues of 1,921 million euro, a 15.2% increase on the 1,668 million euro recorded in 2007. Ferrari claims that it achieved this not simply by staying on the market but also through the application of cost reduction measures.

Research costs were not part of those measures, as the percentage dedicated to this part of the business increased by 18 percent.

At that time, company chairman Luca di Montezemelo disclosed that it was difficult to determine what the situation would be in 2009 but that Ferrari will be paying more attention to the details.

Topics: ferrari, italy

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