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Momentive is also suspending company matching payments to its 401K Savings Plan, eliminating merit pay increases for this year, and suspending its employee Tuition Refund Program. Similar cost-saving actions are being taken by the company worldwide.
“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 CEO. “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.”
For more information, visit www.momentive.com.