Timken Plans 400 More White Collar Cuts
Resource from: CBCC Likes:2938
May 29,2009
The Timken Company (USA; NYSE: TKR) announced it will cut up to an additional 400 people from its salaried workforce globally.
From approximately 8,500 salaried workers, 400 translates to around 5%. This new group will be on top of several previous rounds of job cuts from other cost-control programs, and will be taken from all levels of the organization.
The company's Canton-area headquarters is expected to take the hardest hit, according to Timken spokeswoman Lorrie Crum.
In the end, Timken said it is targeting annual SG&A cost savings in the range of $30 million to $40 million from this latest initiative. Associated costs will be approximately $10 million to $15 million.
Cuts will start immediately and continue through third quarter. However, the company did not specify how many would be the result of attrition, early retirement, or reverting formerly hourly employees from salary back to hourly.
President and CEO, Jim Griffin, said: "We are taking actions to align our organization for effectiveness and to right-size our cost structure to increase our competitiveness in today's global markets. As we pursue long-term value creation for our stakeholders, we believe this reorganization will simplify our operating structure, improving our effectiveness in managing through these challenging economic times."
Timken pointed out that over the past 15 months it has lowered production and cut its manufacturing workforce by nearly 2,500. Working the facilities shorter hours and shorter weeks with longer scheduled shutdowns and enforced furloughs have also been components of the ongoing effort to, "right-size capacity to market needs."
Mr. Griffith went on to say: "We're balancing capacity through reduced labor and output. Our focus now is to align our administrative and sales functions to be more effective in today's challenging environment. As we operate with a leaner organization, we will continue to focus on improving profitability and cash flow as we strengthen the Timken brand across the globe."
()
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
