Recession hits Ceat, suspend work for a week

Recession hits Ceat, suspend work for a week

Nashik: With recession hitting the automobile industry, Satpur-based tyre manufacturer Ceat has asked its workers to temporarily suspend work for a week.

Addressing a meeting of workers at Satpur Tuesday, the Centre for Indian Trade Unions (Citu) Vice-President Sayeed Ahmed said that Ceat had suffered heavy losses due to rising commodity prices such as petrol and carbon.

More than 75,000 tyres produced at the unit are still lying in the factory, Ahmed said.

Of about 1,800 permanent and 400 temporary workers from Ceat, five managers had been discharged of their duties so far, he informed.

He asked workers to exercise restraint when it comes to expenses during the period.

The two other major industrial units in Nashik located at Satpur and Ambad, have also been affected by the global meltdown and have resorted to lay-offs.