Metaldyne Announces More Restructuring Actions - aftermarketNews

Metaldyne Announces More Restructuring Actions

Company announces new cost-cutting initiatives for U.S. salaried employees.

PLYMOUTH, Mich. — In additional to several restructuring actions that took place in 2008, including reduction in headquarters staff, Metaldyne announced this week plans for additional cutbacks. Metaldyne has required all U.S. salaried employees to purchase a two-week vacation in the first quarter of 2009, in addition to significantly reducing travel, eliminating merit increases for 2009 and suspending its 401k match and retirement contribution.

In addition, Metaldyne eliminated a separate leased facility, which housed its North American Chassis Products business unit, and consolidated that operation into another Metaldyne building in Plymouth. It will now further consolidate its operations in Plymouth by merging its headquarters facility into that same building. The move is expected to be completed by mid-2009.

"With this move we will have rationalized from three headquarters facilities in Plymouth to one facility, which not only saves expenses but better streamlines how we will operate as a company," said Thomas Amato, chairman and CEO of Metaldyne and co-CEO of Asahi Tec. "This is another step in our plan to focus our resources on our manufacturing operations, processes and product technologies."

Additionally, on Nov. 28, 2008 Metaldyne successfully completed the sale of its GLO S.r.L. operation in Poggio Rusco, Italy, to AB SKF of Goteborg, Sweden. GLO designs, develops and produces constant velocity joints for the aftermarket and OEM automotive industry.

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