Visteon Increases Salaried Worker Cuts To 1,000 From 800

Visteon Corp. (VC) increased the amount of salaried jobs it plans to cut to 1,000 from 800 in response to the continued downturn in the automotive industry.

The cuts are expected to be completed by the end of March and save the company about $90 million annually. The company also announced that its hourly work force stood at 25,550 at the end of 2008, compared with 39,300 at the end of 2006.

"We are in the middle of an extraordinary time in our industry," Visteon Chief Executive Officer Donald Stebbins said.

Visteon is struggling to survive as auto makers continue slashing production amid a global recession and tightening credit markets that are keeping shoppers out of showrooms. The auto-parts maker reported a fourth-quarter net loss of $328 million, or $2.53 a share, compared with a year-earlier net loss of $43 million, or 33 cents a share. The latest quarter included a $200 million write-down at its interiors business. Revenue slumped 42% to $1.65 billion.

Stebbins declined to provide financial 2009 guidance and answer questions from analysts.

Visteon shares fell 12.6%, or 2 cents, to 13 cents in early trading Wednesday.

-By Jeff Bennett, Dow Jones Newswires; [phone]; [e-mail]