Mettler-Toledo Announces Cost Reductions
Half of the workforce reductions will be in manufacturing. However, the company did not provide details on how its Laboratory business (see page 10) would be affected. The company expects the reductions to be made by year end and for them to reduce personnel costs by $25 million annually.
Columbus, OH 2/5/09—Mettler-Toledo International announced that it has initiated a Cost Reduction Program that will reduce its workforce by 5%, or 600 people. Other cost containment measures will also be undertaken. The Program is expected to reduce operational costs by more than $40 million on an annual basis. The company expects to record pre-tax restructuring charges of $15–$20 million, of which $6.4 million was recorded in the fourth quarter of 2008. Fourth-quarter sales for Mettler-Toledo grew 1% in local currency to $509.7 million.
