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PGT Pares Back Workforce Again
Continuing to downsize in the face of declining markets, PGT Industries cut its workforce by 17 percent on March 4 as part of a companywide restructuring. The Florida-based window manufacturer says the workforce reduction, along with other cost-cutting methods, will save the company more than $8 million annually.
"We've done everything in our power to maintain our current workforce, but for the long-term health of the company, we had to make the difficult decision to downsize our workforce," says Rod Hershberger, PGT president and CEO. "This restructuring, and the many difficult decisions that accompany it, is essential to position the company to weather what many are referring to as a perfect storm in the housing industry. By streamlining our processes and decreasing expenses, we are confident that PGT will be able to serve our employees, customers and stakeholders."
The latest downsizing means PGT has cut its workforce by 27 percent since October 2007 and by 40 percent since its September 2006 peak. The October cuts saved the company about $16 million, the company reported at the time.
In addition to the savings attributed to this reduction in workforce, the company reports is taking non-workforce related steps to cut costs and improve efficiencies.
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