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Protective Products to Reduce Workforce by 25% (posted 1/13/09)

January 13, 2009
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Protective Products of America, Inc. recently announced that it has reduced its workforce by approximately 25%; the majority of those affected are contract workers who will be reduced and added based on business needs. Management has been working to remove excess operating expenses from the company's overhead in order to better align the cost base with the needs of the company, as well as in response to the extension of the proposal acceptance period for the U.S. Army’s improved outer tactical vest (IOTV) program.

“Protective Products of America has a highly flexible business model, enabling us to make rapid reductions to the workforce by eliminating contract positions, and thereby lowering our overhead expenses,” said Stephen Giordanella, chief executive officer. “With the extension of the U.S. Army's IOTV approval process, we made the prudent business decision to temporarily reduce our workforce while we wait for the IOTV opportunity to materialize. We are confident that we can quickly ramp up to meet demand once these contracts are awarded.

“Over the last couple of years, we have taken numerous actions to turn the company around, and we are very proud of the progress we have made. This action is consistent with management’s philosophy of running the business, which is to take advantage of every opportunity to cut costs and focus on the future growth of the company.”

The company’s website is located at www.protectiveproductsofamerica.com.

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