Twin Disc will shut Racine plant for July - The Business Journal of Milwaukee:

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The Racine-based manufacturer of marine and heavy-duty off-highway power transmission equipment also said it will cut the annuall base salaries of allsalarieed employees, including its executive officersa and eliminate fiscal 2010 bonuses and incentives. The change s are in response to declines in demanfd forthe company’s products and current economic and marketf uncertainty at its domestic and international With additional cuts in advertising, travel and entertainment expenses, managementr estimates the cumulative savings of the cost cuttingf initiatives to be $25 millionn for fiscal year 2010, which begins July 1.
Twin Disc will reducew its work force throughu a combination of an involuntary reduction in forcre and a voluntaryseparation program. The cuts will affect 16 salariefd employees and 20 hourly employees at its Racine The Racine work force will also be affectec by rolling layoffs throughout fiscal 2010 andthe month-longb shutdown of the plant. The company has alreadyt laid off employees and cut costs from its European operationsin Belgium, Italy and Switzerland. The companyt will be offering outplacement and transition benefitz toaffected employees.
"Like many global manufacturingcompanied today, the breadth of the economic recession has impacted all facets of our business," Michael Batten, chairmaj and CEO, said in a press "While it appears that the recession is beginning to the underlying market trend has softened and has resulted in slowingb sales, order rates and backlog."