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Momentive Performance Materials Inc. recently announced restructuring and cost-saving actions in response to the downturn caused by the current economic recession. Momentive is eliminating approximately 250 full-time positions around the globe. This action, in combination with steps already taken this year (including prior restructuring efforts, planned attrition and retirements), represents an approximately 9% reduction in total employment from levels at the beginning of the year.
Momentive expects to take restructuring charges of approximately $15 million in the fourth quarter of 2008 and the first quarter of 2009 related to the reduction in force. For U.S. exempt salaried employees, Momentive is also eliminating merit pay increases for 2009, suspending the company matching payments to the Momentive 401k savings plan and suspending the employee tuition refund program. Momentive is also instituting similar cost-saving actions around the world.
“As we end 2008 and look toward next year, we are facing unprecedented challenges related to the current global economic slowdown,” said Jon Rich, president and chief executive officer. “While these actions are difficult, Momentive will continue to take all steps necessary to protect the company, provide exemplary products and service to our customers, and position ourselves for a recovery when it arrives.”
Visit www.momentive.com for more information.