Mueller Announces Shutdowns, Pay Reductions
Mueller Water Products, Inc. recently announced that it is continuing to address the impact of the recession.
"On our quarterly earnings conference call earlier this week, I mentioned that we would be taking additional actions to address the impact the recession has had on our business," said Gregory E. Hyland, chair, president, and chief executive officer of Mueller Water Products. "I also said that, since these actions would be directly impacting our employees, we wanted to communicate the actions we were taking to them first."
Included in the actions being implemented are temporary plant shutdowns to match production with market demand and to reduce costs. In addition, the company has announced pay reductions of 20 percent for members of the company's board of directors and most of its executive officers for the next three months. The company also announced lesser reductions in base pay and/or reduced workweeks for other salaried employees.
"Meeting our customers' needs remains our top priority," said Hyland. "The actions we are taking will help us manage through this difficult economic environment, and we are confident of our ability to do so while maintaining our high levels of safety, quality and service. We continue to believe that the long-term prospects for our industry and the company remain promising."