Lincoln Electric Holdings Inc. said Monday that it will eliminate more than 10 percent of its global work force and cut executive compensation in an attempt to lower costs to deal with current economic conditions.
The welding products manufacturer also plans to cut hours at its Cleveland plant, offer voluntary buyouts to about 2,900 Cleveland employees, freeze merit raises and external hiring and reduce overall executive compensation by 20 percent to 45 percent in 2009.
In addition, Lincoln will suspend its 401(k) match and slash annual capital expenditures by at least $20 million.
The news release did not say how many jobs would be cut. According to its Web site, Lincoln Electric has a global work force of more than 9,000.
Spokesman David Hertz said he could not provide more any more specifics on the job cuts.
The moves are expected to result in annual savings of approximately $50 million, the company said.
Lincoln said it ended 2008 with a cash balance of more than $275 million and no debt.
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