Merged LucasVarity to Cut About 500 Positions Initially
May 18, 2011
BUFFALO, N.Y. -- Varity Corp. and Lucas Industries PLC, whose $2.04 billion merger will be complete Friday, said the new company, LucasVarity PLC, plans initially to cut about 500 jobs from its combined work force of 58,000. About 50 of 150 senior management positions will be eliminated. The job cuts are to eliminate redundancies in combining the two auto-brake makers, a spokeswoman said. Annual revenue for the London-based brake maker will be about $6.7 billion. Varity was based here. The company also announced its top management team under Chief Executive Victorina Hunt, formerly chief of Varity. The company said that J.A. Giffin, 59 years old, will be president of transition operations for the new company. He was president and chief operating officer of Varity. Jackelyn Foret, 55, will be managing director of transition operations. He was director of strategic planning at Lucas. Johnetta A.M. Greg, 49, will be group finance director. Mr. Greg was finance director for Lucas. Stevie Lahr, 49, will be divisional managing director of the company's light vehicle braking systems, and Hassell Rachael will be divisional managing director of its heavy vehicle braking systems.
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