Barnes Group to cut workforce by 8 percent
Barnes Group plans to reduce its workforce by about 8 percent in response to the slowdown in business brought about by the COVID-19 pandemic.
Through "manufacturing and functional workforce" reductions, Barnes anticipates annualized cost savings of approximately $30 million, beginning in the second half of 2020.
Barnes will take a second quarter 2020 restructuring charge, primarily severance related, of approximately $18 million.
“The unprecedented disruption in global industrial and aerospace end markets brought on by the COVID-19 pandemic necessitates our adjusting costs throughout the company to align with demand,” said Patrick J. Dempsey, president and chief executive officer of Barnes Group Inc. “With the continued uncertainty related to the pace of recovery, we have had to make some difficult decisions. Our ability to manage costs allows Barnes Group to remain competitive as we weather the pandemic and best position the company for an economic resurgence,” added Dempsey.
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