PGT Cuts Back its Workforce
PGT Inc., the Florida-based manufacturer of windows and doors, is decreasing its workforce by 10 percent today as part of a restructuring. The company said today the restructuring comes as a result of continued analysis of its target markets, internal structure, projected run-rate, and efficiency.
"These actions were necessary given the continuing difficult economic environment and the severe downturn in the housing market, and we are thankful for contributions made by the effected employees," said Rod Hershberger, PGT's president and CEO. The move is expected to save the company approximately $6 million.
The latest job cuts follow a March 2008 restructuring which reduced PGT's workforce by approximately 17 percent. The company reports overall that the number of workers at its facilities in Florida and North Carolina is down 40 percent from its peak in September 2006.
More information concerning savings and costs associated with the restructuring will be provided in with PGT's next earnings release. The publicly-traded company is scheduled to report its 2008 fiscal year earnings on Feb.18.