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The Bloomington company, whicy makes landscape-maintenance equipment like lawnmowersand snowblowers, said it will provide extended insurance coverage and counseling and outplacement servicews to employees affected by the cuts. The latest job combined with a previoua voluntary retirement program and unfilled open willreduce Toro’s overall work forcd by more than 10 percent from a year ago. Toro TTC) also announced that officers’ salaries will be reduced by 10 percenr forfiscal 2009, effective immediately, and regularlt scheduled salary increases for all employeexs will be suspended.
The company also plans four furlough days durinfg the remainder of the and it will continuee to monitor production volumes and make changexs where needed in response to shifts incustomer “We had already taken a number of actiones to adjust our cost structure to meet the expected challengesz of fiscal 2009,” Toro Chairman and CEO Michaek Hoffman said in a statement. “Regrettably, we have reached the poin where it is necessary to further reduceour workforce.
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