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Fuel prices driving layoffs, closings

August 11, 2008

Nearly half the layoff and closing notices registered with the Indiana Department of Workforce Development this year have involved car and truck parts manufacturers, companies making mobile homes and recreational vehicles, and businesses involved in air service.

The common thread across the industries is rising fuel prices, according to The Times of Munster.

More than 50 companies have filed Worker Notification and Retraining Act notices this year. Those companies include auto parts maker Visteon Corp., RV manufacturer Monaco Coach Corp. and Republic Airways Holdings Inc., which is headquartered in Indianapolis.

Auto parts and the plastic pieces made by many of the companies has been hit by rising oil prices, even as Japanese companies have absorbed some of the production losses experienced by Detroit automakers, the newspaper reported.
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