Modine Manufacturing Company announced January 19 that it will reduce the workforce at its Racine, Wis., headquarters by around 170 employees and contractors. This represents around 25 percent of the workforce in Racine and crosses all levels of the organization.
In Europe, the company has entered into the procedure to significantly reduce the workforce in its Bonlanden, Germany-based European headquarters and TechCenter.
The actions are part of Modine's restructuring program focused on reducing selling, general and administrative costs and other steps to restore profitability to its global operations, which the company said have been "severely impacted" by the current worldwide economic crisis.
Modine said it is working closely with state and local employment services, will provide resume preparation workshops, and has retained job and career counselors to assist employees affected by the reduction.
The company said it will discuss the workforce reduction and additional restructuring activities when it announces results for the third quarter of fiscal 2009 on or around February 9.
Modine specializes in thermal management systems and components. The company's products are used in light, medium and heavy-duty vehicles, HVAC equipment, industrial equipment, refrigeration systems and fuel cells. Modine has more than 7,900 employees at 33 facilities in 15 countries worldwide.