Wabash National Corp. implements additional cost-cutting measures
Feb 1, 2009 12:00 PM
Wabash National Corporation announced that new trailer unit shipments for the fourth quarter and full year 2008 are expected to be 9,300 and 33,300 units, respectively. In addition, the company has implemented more cost reduction actions that will substantially decrease its corporate overhead and operating costs. These actions were outlined:
Further salaried workforce headcount reductions of 25 associates, or 5%, bringing total salaried headcount reductions to more than 25%, or approximately 170 associates, since the beginning of the industry downturn in early 2007.
A 10% reduction in base salary for executive officers and the senior management team.
A temporary reduction of 10% of annualized base salary for all remaining exempt-level salaried associates, combined with a reduction in the standard work week for most from 40 hours to 36 hours.
A temporary reduction in the standard paid work week from 40 hours to 36 hours for all non-exempt associates.
Introduction of a Voluntary Unpaid Layoff Program with continuation of benefits.
Continued close regulation of the work-day and headcount of hourly associates.
These actions are incremental to previous actions taken during this downturn.
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