Engine manufacturer Cummins has said it will lay off around 2,000 employees in response to market conditions. A company spokesperson says the layoffs are expected to be completed by the end of the first quarter of 2020.

In a statement, the company called the cuts “tough and disappointing,” but says they are needed “to navigate this downturn and emerge stronger when markets return, just as we have done in the past.”

Cummins employs around 62,000. The cuts account for about 3% of its workforce.

The company would not say what kinds of jobs were being eliminated or whether any jobs in the heavy-duty segment were affected.