The Toro Company announced that it will reduce its worldwide salaried and office workforce by approximately 100 employees to better align the company’s cost structure with the current economic and business environment. The company will offer assistance to employees affected by the workforce reduction in the form of severance, extended insurance coverage, and counseling and outplacement services to help with their transition.
"We had already taken a number of actions to adjust our cost structure to meet the expected challenges of fiscal 2009. Regrettably, we have reached the point where it is necessary to further reduce our workforce," said Michael J. Hoffman, Toro’s chairman and CEO. Combined with its previous actions of a voluntary retirement program and not filling open positions, the company will reduce its overall workforce by over 10% from the previous year.
In addition, the company said that officers’ salaries will be reduced by 10% for fiscal 2009. Regularly scheduled salary increases for all employees will be suspended, and four furlough days will occur during the remainder of the year.
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