170...Modine Manufacturing Co. said Monday that it is cutting its work force at its Racine headquarters by 25 percent, or about 170 jobs.
In Europe, the thermal management products company has begun the process of significantly reducing the work force 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 have been severely impacted by the current worldwide economic crisis.
The job cuts in Racine cross all levels of the organization, Modine said. The company said it is working closely with state and local employment services, will provide resume preparation workshops, and has retained job and career counselors to assist employees affected by the reduction.
"The decision to further reduce our work force was extremely difficult, but it is one that is essential in these unprecedented times," said Thomas Burke, president and CEO.
Modine Manufacturing (NYSE: MOD) is a supplier of thermal management systems and components used in light, medium and heavy-duty vehicles, HVAC systems, industrial equipment, refrigeration systems and fuel cells.
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