Perry, Okla.-based Charles Machine Works implemented several cost-cutting measures to counteract a sluggish economy and a significant drop in equipment orders, including the release of 225 plant and office personnel.
Temporary and part-time workers were terminated, early retirement packages were offered to eligible full-time employees and external fabrication work was eliminated.
“The slowing economy has caused cutbacks in spending by some of our primary customers and that in turn impacts our business,” says new CEO David Woods, noting the company does not expect additional cuts in the foreseeable future.
“We are not a heavily leveraged company, and our product line is more diverse than it ever has been. Fortunately, we are in a much stronger position to come through such times than many other companies.”
