Modine Manufacturing Company (Modine) has reported reduction in force in its Racine headquarters, affecting about 170 employees and contractors. This symbolizes about 25% of the workers in Racine and crosses all levels of the organization. Modine has entered into the procedure to reduce the employees in its Bonlanden, Germany-based European headquarters and techcenter.
The actions are part of company’s restructuring program paying attention on reducing selling, general and administrative (SG&A) costs and other steps to restore profitability to its global operations, which have been severely impacted by the current worldwide economic crisis.
The decision to further reduce our workforce was extremely difficult, but it is one that is essential in these unprecedented times, said Thomas A. Burke, president and chief executive officer. We are extremely grateful to these employees for their service to Modine and completely committed to provide resources and support to help them transition to other opportunities.
In that matter, Modine is working intimately with state and local employment services, will offers resume preparation workshops, and has retained job and career counselors to help employees affected by the reduction.
Modine will talk about the workforce reduction and extra restructuring activities when it announces results for the third quarter of fiscal 2009 on or about February 9, 2009.