Another company announces layoff globally - to send 2000 employees home!

Engine maker Cummins Inc has announced that they will lay off 2000 employees in the first quarter next year in cost cutting measures.

Recession has hit truck sectors as well. After Volvo announcing 700 layoffs, Cummins has announced 2000 layoffs.

"As we communicated to our employees last week, demand has deteriorated even faster than expected, and we need to adjust to reduce costs," said Cummin's spokesperson.

"Our goal is not just to take out costs, but to make structural improvements to the ways we operate, to improve the overall health of the company and prepare us better for when volumes come back," said the company's president.

The last major layoff of Cummins happened in 2015, which was also 2000.