Ryder (R) Announces Strategic Initiatives; to Cut Workforce by 700 Positions; Sees Q4 EPS at Low End of Prior Guidance
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Ryder System, Inc. (NYSE: R) today announced several strategic and tactical initiatives to address current global economic conditions and drive long- term profitable growth. Steps to the plan include:
- increasing emphasis on US, Canada, Mexico, UK markets
- discontinuing operations in Brazil, Argentina and Chile
- transistioning out of current supply chain customer contracts in Europe
- reducing US headcount by about 700 positions, resulting in cost savings of about $36 million next year.
Ryder System, Inc. provides transportation and supply chain management solutions.
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