Four companies with ties to NASCAR, Sprint Nextel, General Motors, Caterpillar, and Home Depot all announced that they are cutting jobs in light of current economic conditions.
Sprint Nextel, the NASCAR Sprint Cup series sponsor, announced that it will be cutting about 15% of its workforce, or 8,000 employees. This move is expected to save the company $1.2 billion annually. Sprint has been losing customers to larger rivals AT&T and Verizon.
GM announced that it is eliminating about 2,000 jobs, as well as decreasing production at plants in the U.S. and Canada. Most of the cuts will affect plants in Michigan and Ohio.
Following a 32 percent drop in profits, Caterpillar, sponsor of Richard childress Racing’s No. 31 Chevy, driven by Jeff Burton, announced that it is cutting 20,000 jobs, or about 18% of its workforce. That includes 12,000 employees and 8,000 contractors. Caterpillar is also cutting production schedules and costs in light of the economic turmoil.
Home Depot, sponsor of Joe Gibbs Racing’s No. 20 Toyota, and driver Joey Logano, announced that it will be cutting 7,000 jobs, or two percent of its workforce. It will also close nearly 50 stores.