Optimism hint from job cuts car firm
CAR parts supplier Hashimoto has axed 135 jobs and expects sales in 2009 to fall by over a third from a record level of £34.5m last year as a result of the dramatic downturn in the car industry.
But the Japanese-owned company, which has its main overseas base in Boldon, South Tyneside, believes the worst may be over and has revised its sales predictions from an earlier forecast of a 50% drop.
Director Chris Robinson told nebusiness that it had been heading for sales of £37m for 2008 before the “world went mad”.
“We were on course for a record,” he said. “Our trade with Nissan and Honda was very strong and then we experienced a huge drop in demand for our products and we had three terrible months.”
As a result of the severe downturn in new car sales – with most countries across the globe recording drops of up to 50% at the back end of last year and the start of this year – manufacturers have been severely hit.