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Statement From GETRAG Corporation Regarding Work Force Reduction at Its Newton, North Carolina Facility

Posted on: Monday, 5 January 2009, 12:54 CST

MAIDEN, N.C., Jan. 5 /PRNewswire/ -- Due to the recent and continuing worldwide economic crisis, GETRAG Corporation will be permanently laying off approximately 141 employees at its facility in Maiden, North Carolina on January 5, 2009. The company regrets having to take this action and will offer assistance to employees to help ease the transition. Friedemann Strasser, CEO of GETRAG Corporation, explained: "The current economic situation and the crisis in the American automotive market in particular forces us to adjust our organization to assure the long term viability of our company."

GETRAG Corporation offers Power Take-Off Units, AWD Systems, and Drivetrain Components to the automobile industry. The company was founded in 1986 as Getrag Gears of North America, Inc. It changed its name to GETRAG Corporation in 2001. The company is based in Maiden, North Carolina. GETRAG Corporation's majority shareholder is GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie KG. For more information on the company, visit: www.getrag.de

SOURCE GETRAG Corporation

Source: PR Newswire

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