Arctic Cat Reduces Workforce.Company rescales business to reduce production capacity, workforce, operating costs operating costs npl → gastos mpl operacionales MINNEAPOLIS -- Arctic Cat Arctic Cat is a producer of all-terrain vehicles and snowmobiles in the United States. Located in Thief River Falls, Minnesota, they are a top competitor with other snowmobile companies such as Polaris, Ski-Doo by Bombardier, and Yamaha Motor Company Ltd.. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACAT ACAT See: Automated Customer Account Transfer ) today announced a workforce reduction in order to align the company's cost structure with current industrywide market conditions. "Aligning the size of our workforce with sales volumes is a difficult step that we must take during this economic downturn," said Christopher A. Twomey, chairman and chief executive officer. "We are rescaling the business to lower production capacity and operating costs, bringing them in line with reduced consumer demand. We regret having to take this action and want to thank affected employees for their dedicated efforts." Approximately 100 positions are being eliminated, effective immediately, primarily in Thief River Falls, Minn. This represents 7 percent of Arctic Cat's 1,400 employees. Eligible employees will be offered severance packages. The company does not expect any material financial impact related to this announcement. Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs) and snowmobiles under the Arctic Cat[R] brand name, as well as related parts, garments and accessories. Its common stock is traded on the NASDAQ Global Select Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "ACAT." More information about Arctic Cat and its products is available at www.arcticcat.com. |
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