Nissan Motors announced a restructuring plan today that includes cutting 20,000 jobs globally over the next year.
The news follows third-quarter revenues down more than 30 percent. Executives say their worst projections about the economic downturn have been met or exceeded.
Nissan’s manufacturing employees will bear the heaviest burden under the job reductions, but the North American headquarters in Franklin won’t go untouched. 2008 bonuses are gone. Corporate officers will have salaries reduced by 10 percent.
It’s unclear just how many jobs will be cut at plants in Smyrna and Decherd. The company is reducing payrolls by 8.5 percent. But the plan also says it will reduce labor expenses by 20 percent in high-cost countries. Spokesman Fred Standish says the company wants to meet the target through attrition and an ongoing buyout program.
“Certainly layoffs is the last option we would want to consider. We’d consider everything else before.”
Nissan manufacturing employees are already working with reduced pay. The company has moved indefinitely to a shortened four day workweek.