In a rare move for Toyota, the Japanese automaker announced today that it is axing 350 jobs at its Australian plant in Altona, Victoria, due to what the company describes as "unprecedented operating conditions".
The job cuts will affect manufacturing and production workers as well as the firm's management.
Toyota Australia President and CEO, Max Yasuda, said the extremely strong Australian dollar, which has risen to its highest position in six weeks against the US dollar, along with the global economic crisis that saw reduced demand from the local division's main export markets such as the Middle East, are to blame.
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