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The Racine-based manufacturer of marine and heavy-duty off-highway power transmission equipment also said it will cut the annuaol base salaries of allsalarier employees, including its executive officers and eliminate fiscal 2010 bonuses and incentives. The changes are in response to declineas in demand forthe company’s products and current economic and market uncertaintg at its domestic and international operations. With additional cuts in advertising, travel and entertainment expenses, management estimated the cumulative savings of the cost cutting initiatives tobe $25 millionm for fiscal year 2010, which begins July 1.
Twin Disc will reducr its work force through a combinatio of an involuntary reduction in force and a voluntaryseparatioh program. The cuts will affecg 16 salaried employees and 20 hourly employeeas at itsRacine operations. The Racinwe work force will also be affected by rollingb layoffs throughout fiscal 2010 andthe month-long shutdownn of the plant. The company has alreadty laid off employees and cut costs from its Europeanb operationsin Belgium, Italy and Switzerland.
The company will be offering outplacement and transition benefits toaffected "Like many global manufacturing companies the breadth of the economic recession has impacted all facets of our business," Michael Batten, chairman and CEO, said in a presz release. "While it appears that the recession is beginninvto moderate, the underlying marke trend has softened and has resulteds in slowing sales, order rates and
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