MILWAUKEE (AP) -- Military vehicle maker Oshkosh Corp. is cutting about 760 jobs from its defense division this summer because of decreased spending by the Pentagon.
The Wisconsin-based company made the announcement Thursday. The job cuts represent nearly 30 percent of its defense division workforce.
Oshkosh Defense Vice President John Urias says the company needed to make staffing changes because government budgets are tightening and the U.S. is drawing down its military overseas.
About 700 hourly positions will be cut beginning in June, and another 60 salaried positions will be eliminated starting in July. Oshkosh Defense will be left with about 1,850 employees.
The overall company has about 12,000 employees worldwide.
Shares of Oshkosh Corp. fell $1.34, or 2.3 percent, to $57.74 in midday trading Thursday.
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