RACINE, Wis. — Modine Manufacturing Co. has announced a reduction in staff at its Racine, Wis., headquarters, affecting approximately 170 employees and contractors.
This reduction represents approximately 25 percent of the workforce in Racine and crosses all levels of the organization. In Europe, the company has entered into a process to significantly reduce the workforce in its Bonlanden, Germany-based European Headquarters and TechCenter.
These actions are part of Modine’s restructuring program focused on reducing selling, general and administrative (SG&A) costs and other steps to restore profitability to its global operations, which 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 Burke, president and chief executive officer. “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.”
Modine said it is working closely with state and local employment services and will provide resume preparation workshops for those affected by the staff cuts. The company has also retained job and career counselors to assist employees affected by the reduction.