A. M. Castle & Co., Franklin, Park, IL, a global distributor of specialty metal and plastic products and services, announced a series of cost reduction initiatives amid continued challenges in the global economy and the metals market. The additional cost reduction measures include reduced work weeks and furloughs, suspension of the Company’s 401(k) contributions, and executive salary cuts of at least 10% resulting in a total cash compensation reduction of approximately 20%.
In March, the company announced its intention to reduce 2009 operating expenses by at least $45 million. With the latest additions to its cost management efforts, a $65 million operating expense reduction in 2009 is expected, a reduction of over 20%.
The company also announced plans to …
A. M. Castle Announces Additional Cost-Cutting Measures
A. M. Castle & Co., Franklin, Park, IL, a global distributor of specialty metal and plastic products and services, announced a series of cost reduction initiatives amid continued challenges in the global economy and the metals market. The additional cost reduction measures include reduced work weeks and furloughs, suspension of the Company’s 401(k) contributions, and executive salary cuts of at least 10% resulting in a total cash compensation reduction of approximately 20%.
In March, the company announced its intention to reduce 2009 operating expenses by at least $45 million. With the latest additions to its cost management efforts, a $65 million operating expense reduction in 2009 is expected, a reduction of over 20%.
The company also announced plans to …
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