Toro To Cut 100 Jobs
The company said it 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.
Company CEO Michael J. Hoffman said, "Regrettably, we have reached the point where it is necessary to further reduce our workforce." He said that, combined with its previous actions of a voluntary retirement program and not filling open positions, the company will reduce its overall workforce by over ten percent from the previous year.
The company also said it would take cost-saving actions that will impact remaining employees. Officers' salaries will be reduced by ten percent 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.
Bloomington, Minnesota-based Toro is a provider of turf and landscape maintenance equipment, and precision irrigation systems.
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