Twin Disc will shut Racine plant for July - Houston Business Journal:

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The Racine-based manufacturer of marine and heavy-duty off-highwayh power transmission equipment also said it will cut the annuaol base salaries of allsalaried employees, includiny its executive officers and eliminate fiscal 2010 bonuses and The changes are in response to declinesz in demand for the company’s products and current economi and market uncertainty at its domestic and international With additional cuts in advertising, travel and entertainment expenses, management estimates the cumulativ e savings of the cost cutting initiativeas to be $25 milliob for fiscal year 2010, which begins July 1.
Twin Disc will reducr its work force through a combination of an involuntary reduction in forced and a voluntaryseparation program. The cuts will affect 16 salariede employees and 20 hourly employeew at itsRacine operations. The Racine work force will also be affectedc by rolling layoffs throughout fiscal 2010 andthe month-lonfg shutdown of the plant. The company has alreadyy laid off employees and cut costs from its European operations in Italyand Switzerland. The companty will be offering outplacement and transition benefits toaffectef employees.
"Like many global manufacturingcompaniesw today, the breadth of the economic recession has impacted all facets of our Michael Batten, chairman and CEO, said in a press "While it appears that the recession is beginningh to moderate, the underlying market trend has softened and has resulted in slowing sales, order rates and backlog."