2 automotive businesses in Indiana announce layoffs, plant closing
CARMEL, Ind. (WISH) — Two businesses associated with the automotive industry this week announced job reductions in Indiana, and one of them will close a southern Indiana plant.
The corporate headquarters of used-car dealer J.D. Byrider will lay off 43 employees at the end of 2022, the company told state authorities.
The layoffs are expected to be permanent, says a notice filed with the Indiana Department of Workforce Development. The notice issued Monday did not give a reason for the layoffs.
Zach Zagar, senior communications and public relations manager for J.D. Byrider, issued a statement after this story was posted.
“Byrider, like many companies, is still dealing with the financial impact of the COVID-19 pandemic, rising interest rates, increased inventory and operational costs, inflation, etc. As a result, we have made difficult decisions to reduce some of our company store operations to better position the company for long-term success.“
The layoffs come as the Federal Reserve continues to raise interest rates, affecting loans for everything including vehicles.
In another notice to the state, Lake Forest, Illinois-based Tenneco Automotive Operating Co. announced it was closing its facility in Jeffersonville, Indiana. Tenneco makes ride control and emissions products for vehicles.
All of the employees will be offered jobs with other Tenneco Clean Air locations.
“The action is due to the loss of business that generates approximately 22% of the revenue at the Jeffersonville location,” the notice said.
Jeffersonville is across the Ohio River from Louisville, Kentucky.
Tenneco’s action on Tuesday came a day after it announced third-quarter total revenue of $4.9 billion, up 14% year-over-year.