MILAN, Italy (Feb. 26, 2009)—CF Gomma S.p.A. has filed a restructuring plan that likely will include layoffs.
Federico Cancarini, chairman of CF Gomma, said the firm is adjusting its business plan to meet expectations for sales in 2009.
About 90 percent of CF Gomma's sales are in the auto sector, and sales in 2009 will be "far below the expectations we had in the past," Cancarini said.
Cancarini did not give details as to where cuts would be made, but did say some jobs cuts at various plants would be necessary to adjust to shrinking demand.