Momentive Performance Materials Inc., Albany, NY, has announced plans to restructure in order to cut costs during the current economic recession. The company is eliminating approximately 250 full-time positions worldwide, which represents a 9% reduction in total employment levels since early 2008. The company expected 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.
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