The Toro Company says it plans to shed about 100 jobs and trim executive pay as it responds to the national recession.
The Bloomington manufacturer of lawn mowers and landscaping equipment said eliminating the positions will better align the company’s expenses with current economic conditions.
Toro previously offered a voluntary retirement program and left positions unfilled, but neither achieved the 10 percent workforce reduction the company said it needs.
“We had already taken a number of actions to adjust our cost structure to meet the expected challenges of fiscal 2009. Regrettably, we have reached the point where it is necessary to further reduce our workforce,” CEO Michael Hoffman said in the company’s statement.
In addition to the layoffs, officers’ salaries will be be reduced by 10 percent for fiscal 2009, all scheduled salary increases will be frozen, and four furlough days will occur before the year’s end.