Milacron Inc. announced Aug. 13 it plans to cut 130 positions across its North American businesses about 10 percent of its workforce.
Meanwhile, the Batavia-based plastics machinery maker awaits a sale that will bring it out of Chapter 11 bankruptcy.
The changes were made to size our business appropriately for current business levels, the company said in a statement. These steps not only lower our overhead costs, they streamline our organization driving decision-making closer to customers and making us more agile and responsive to customers' evolving requirements.
In March, Milacron filed for Chapter 11 reorganization under the U.S. Bankruptcy Code. In late June, the court approved the firm's sale to two investor groups that bought its debt: New York-based Avenue Capital Group and DDJ Capital Management LLC of Waltham, Mass.
The sale could be final by Aug. 31, a spokeswoman said.
The statement announcing the layoffs said that, as it prepares to emerge from Chapter 11 and transition to new owners: We will be a more financially stable organization that's leaner and well-positioned for long-term success.
Milacron officials declined to identify any people who lost jobs in the 130-person layoff. But there was a high-profile departure a few weeks ago: Ross Anderson resigned as vice president of the firm and president of Milacron's Machinery Technologies North America division.
Another executive, Herb Hutchison, e-mailed business contacts Aug. 11 saying his position was eliminated. He was director of international business development for Milacron's Extrusion Systems Division. Hutchison said he plans to stay in the industry.
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