PCB |
Rogers to freeze salaries and cut workforce
Rogers has released a cost reduction initiative that includes a workforce reduction that combines both voluntary and involuntary terminations and will affect about 10% of its salaried staffing worldwide.
In addition to the workforce reduction, the Company is freezing salaries, and significantly reducing other operating and overhead expenses. Together these planned actions will reduce Rogers’ total expenses on an annualized basis by approximately $27 million. The Company estimates that it will incur a one-time charge associated with the workforce reduction of approximately $2.5 million in the first quarter of 2009.
In recent months, Rogers has experienced weaker-than-expected sales, which is pressuring earnings performance. Combined with the outlook for continued difficult economic conditions well into 2009, the Company is adjusting its operations to reflect the anticipated lower sales in 2009.
