MANILA, Philippines - Global auto parts supplier Visteon Corp. plans to cut costs in Europe and close plants around the world, including one in the Philippines this quarter.
A Reuters report said the plan was announced by Visteon chief executive Tim Leuliette after the firm earlier this week reported a nearly two-thirds decline in quarterly profit.
The auto parts supplier has a manufacturing plant in Sta. Rosa city in the province of Laguna, south of Manila.
The company's cost-cutting efforts are being done amid slowing demand for cars, specially in Europe.