Ferromatik Milacron implements cost-cutting measures

The board of directors at Ferromatik Milacron is implementing a new set of cost-cutting measures in response to the adverse impact of the global economic crisis on the company. Over the past 12 months new orders at Ferromatik Milacron have fallen by about 50%. While the company has been able to maintain its market share over this period, the margins on new machine sales have also fallen. In the coming year a modest increase in new orders is anticipated. Since January 2009 Ferromatik Milacron has had a range of cost-saving measures in place, including reduced overhead and materials costs, and cuts to workers' hours. Options include shorter shifts across the whole company, a transitional support option for workers, including compensation and retraining, and permanent cuts to the workforce. Despite this, Ferromatik Milacron's new product line, currently in development, is expected to drive strong sales in 2011.(the end) www.ferromatik.comRunning Shoes & Gear