Karlheinz Bourdon, a 15-year veteran of Milacron Inc. who was replaced as president of global plastics machinery late last year when Milacron hired someone from outside, is leaving the company.
Milacron announced Feb. 19 that Bourdon is leaving to pursue other interests. Bourdon will remain as a consultant for the next several months, the company said.
Bourdon headed Milacron's global injection molding business. Bob Simpson, who has a background in the automotive plastics industry, became the new president of global plastics machinery in November, a job that covers all types of Milacron's equipment - injection and blow molding machines, extruders and structural foam molding machines, plus D-M-E mold components and replacement parts.
Bourdon could not be reached for comment. Effective immediately, the three top managers in Milacron's injection press business will report directly to Simpson. They are Glenn Anderson in the U.S., Jay Woerner in Asia and Guy Moilliet in Europe.
``This reporting structure will give me direct access to global issues at the local level,'' Simpson said.
Bourdon will receive a severance payment of 172,786 euros ($227,036), according to a Feb. 16 Securities and Exchange Commission filing. Bourdon also will have a noncomplete obligation until Aug. 15, 2008, and will be paid a total of 234,500 euros ($308,126), in installments.
In other news, the Cincinnati Enquirer reported that about 800 Milacron employees involved with injection molding production at its plants in Batavia and Mount Orab, Ohio, will take two-week staggered furloughs without pay during the next 16 weeks. Employees who work in jobs that cannot be furloughed will receive a 3 percent pay cut during that period, the newspaper reported.
The furloughs do not affect employees in extrusion and blow molding operations, according to the newspaper. In a fourth-quarter financial announcement issued Feb. 23, Brown said the furloughs will reduce costs to adapt to lower North American shipping volumes in the first half of 2007.
Milacron lost $39.7 million for all of 2006 - marking its sixth straight money-losing year. The loss widened from the 2005 loss of $14 million, but Milacron said the 2006 figure includes $17.4 million in restructuring costs and $1.8 million in refinancing charges.
Sales increased 1.4 percent to $820.1 million. Plastics machinery sales grew 7 percent in North America, to $402 million. New orders also increased 7 percent.