Showa Aluminium cuts 140 jobs

In a press release to the Record Herald, Showa Aluminum Corporation of America (SAM), 10500 O'Day Harrison Road, announced it implemented a 'survival' plan in "an effort to reduce cost and remain globally competitive." The company manufacturers heat exchangers and copier parts. That survival plan includes voluntary separation packages for up to 140 employees -nearly one-third of the work force- and other changes. The company will be providing "strong separation package benefits for those leaving the company," the release said. Several phone calls to Showa Aluminum were not returned by press time. Those other changes include reduction in benefits, including changes to company-provided bonuses, reducing, holidays, personal time and health care plan provisions, the release said. In December 2008, there was also an"indirect position reduction" of some 50 employees. Showa will also renegotiate contract and leases it currently holds to lower fixed expenses and will close the Michigan sales and design office. In addition SAM will be evaluating various options to reconfigure the composition of the work force, including the utilization of contract services to enable SAM to become more competitive in the global market and provide increased job security for the remaining associates working at the Mount Sterling facility. As a result of the activities above, SAM will be able to lower annual expenses thus allowing the company to remain competitive within their market segments, according to the release. Source: www.recordherald.com