FAIRLAWN, OHIO - GenCorp Inc. has offered voluntary early retirement incentives to about 100 employees as the first of several moves to cut costs and realign. The eligible employees are among 230 at GenCorp's Fairlawn headquarters and Corporate Technology Center in Akron, Ohio, and have until March 1 to volunteer, a company spokeswoman said.
The spokeswoman did not know how many workers will take the offer, but said other actions, including layoffs, may depend on how many volunteer.
During 1995, GenCorp's operating profits rose and employment costs decreased. But Chairman and Chief Executive Officer John Yasinsky said in the firm's fourth-quarter results that he is not satisfied. ``Entering 1996, we will focus with an even greater sense of urgency on operational improvements and cost reductions that are necessary to raise our performance toward our higher standards and meet our growth objectives,'' Yasinsky said.
The spokeswoman said the voluntary retirement program is a first step toward GenCorp's 1996 goals.
Currently, GenCorp is negotiating the sales of its Reinforced Plastics Division and its Vibration Control Division.
``If and when those go through, we'll be a smaller company'' and will have to reduce the corporate centers accordingly, the spokeswoman said.
To qualify for early retirement, employees must have 25 years service or be 50 years old or older with five years of service.
This is not the first time the headquarters and technology center have been affected by cutbacks. The firm laid off about 40 employees when it dismantled the head offices for its automotive and polymer divisions and centralized some of the positions in Fairlawn in 1994.
That same year, the company also cut 35 research and development positions.
The firm has reduced its worldwide work force to about 11,700 from more than 13,000 in 1993, the spokeswoman said.