Companies Continue to Trim to Battle Economy

As the economy continues to struggle, more companies have had to downsize their work forces. Terex Cranes is one of the latest companies to announce layoffs. According to KWWL.com, 150 employees were laid off recently at the Terex facility in Waverly, Iowa.

A statement provided to Lift and Access by the company stated the following: “Due to a significant decrease in customer orders, the Terex Cranes facility in Waverly has been forced to make the difficult decision to reduce our workforce in order to better align our resources with market demands and our current production levels. In recent years, the Waverly plant has been significantly reorganized to be a highly efficient, lean manufacturing operation. As a result, we will be well positioned to meet increasing demand for our cranes as the economic situation begins to improve.”

The Capital Times, Madison, Wis., reported recently that Pacal Industries, a metal fabricator, temporarily laid off 89 employees because of a decline in business from Terex, one of its biggest customers.

And Terex isn’t the only recent crane company affected. Altec’s facility in St. Joseph, Mo., reportedly laid off 50 workers at the end of January, according to the St. Joseph News-Press. About 900 employees remain at the plant.

Engine maker Cummins Inc., Columbus, Ind., offered voluntary retirement packages to approximately 700 hourly employees in an effort to decrease its work force. It has also been reported that top executives at JLG Industries’ parent company, Oshkosh Corp., have taken pay cuts in an effort to cut costs.