Gunite Corp., a maker of wheel assemblies for heavy trucks, has laid off a third of its workforce at its Elkhard, Ind., plant thanks to a dramatic downturn in business.

According to Associated Press reports, the 108 workers were laid off in two rounds - 36 in late September and 72 more last week. The layoffs were caused by the dramatic decrease in the number of trucks built this year, thanks to excess inventory from last year, higher interest rates and skyrocketing fuel prices.
Gunite, based in Rockford, Ill., has no plans to close the plant and says the layoffs are indefinite.