The economic gloom-and-doom continued yesterday when Daimler AG announced that it will discontinue its Sterling Trucks line next March. Daimler will close two plants that produce Sterling trucks — one in Portland, Ore., and one in St. Thomas, Ontario, Canada — resulting in the loss of approximately 3,500 jobs, according to media reports.
"This is an indication of how bad things are," Michael Tyndall, an analyst at Nomura Securities in London told Bloomberg News. "It's positive for the long term, but everyone's focused on the short term."
Daimler's press release announcing the move can be read by clicking here.
And here are a handful of news stories on the move:
• An article by Forbes.com.
• One from The New York Times.
• And, finally, the Wall Street Journal's take.