Modine announced today it is cutting its Racine headquarters workforce by 170 employees and contractors, shedding approximately 25% of its staff here, crossing "all levels of the organization."
In Europe, the company says it is "significantly" reducing the workforce in its Bonlanden, Germany-based European Headquarters and TechCenter. The actions are part of Modine’s restructuring program focused on reducing selling, general and administrative costs and other steps to restore profitability to its global operations, which, it says, "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, in a prepared statement. “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.”
The company says it will discuss the workforce reduction and additional restructuring activities when it announces results for the third quarter of fiscal 2009 on or about Feb. 9, 2009.