Japanese auto major Toyota Motor Corp. (TM: Quote) Wednesday said its production and sales subsidiary in Australia, Toyota Motor Corp. Australia Ltd. or TMCA, would consolidate its corporate functions in Melbourne, that will lead to closure of operations in Sydney. Toyota Motor noted that TMCA’s new business structure will be from 2018 onward.
According to reports, the company will lay off 2,600 workers in Australia, by bringing down the employee number to 1,300 from the current 3,900.
Chosen excerpts by Job Market Monitor. Read the whole story at Toyota To Close Sydney Operations, 2,600 Jobs To Get Cut In Australia.