Hardinge makes slew of restructuring moves ...............................................
Feb 3 - Hardinge Inc, a maker of specialty cutting tools, said it would shut down its Asian facilities for a week in February, and cut 36 positions worldwide.
The company, which has more than 1400 employees, also said its Elmira, New York production facility will initiate a four-day, 32 hour workweek.
The base pay of all U.S. employees who are not subject to the reduced workweek, including corporate officers, will be cut by 5 percent.
Hardinge, which said overtime has been discontinued at most of its facilities, has also initiated a hiring freeze.
With these actions, the company expects to bring production levels and its cost structure more in line with current global demand levels.
In December last year, the company said it cut 70 jobs and would reduce production hours at its Taiwan and China manufacturing facilities.
The company had also said it will shut down manufacturing operations for a two week period over the holidays at a U.S. manufacturing facility.
Shares of the company closed at $4.39 Tuesday on Nasdaq. |
