MILLER INDUSTRIES ANNOUNCES WORKFORCE REDUCTION
Miller Industries (NYSE: MLR), the world's largest manufacturer of towing and recovery equipment, has announced a significant workforce reduction affecting approximately 150 positions across three manufacturing facilities. The decision comes as part of a comprehensive cost reduction plan aimed at enhancing operational efficiency.
The company cites ongoing market challenges, including reduced retail sales and lower order intake, as primary factors driving this decision. To support affected employees, Miller Industries will provide financial and benefit assistance, along with outplacement and career transition resources.
Miller Industries (NYSE: MLR), il pi霉 grande produttore mondiale di attrezzature per traino e recupero, ha annunciato una significativa riduzione del personale che interesser脿 circa 150 posizioni in tre stabilimenti produttivi. La decisione rientra in un piano di contenimento dei costi volto a migliorare l'efficienza operativa.
L'azienda indica come cause principali le difficolt脿 di mercato in corso, tra cui la diminuzione delle vendite al dettaglio e del livello degli ordini. Per sostenere i dipendenti coinvolti, Miller Industries offrir脿 supporto finanziario e benefit, oltre a servizi di outplacement e di transizione di carriera.
Miller Industries (NYSE: MLR), el mayor fabricante del mundo de equipos de remolque y recuperaci贸n, ha anunciado una reducci贸n significativa de plantilla que afectar谩 a aproximadamente 150 puestos en tres instalaciones de producci贸n. La medida forma parte de un plan integral de reducci贸n de costes destinado a mejorar la eficiencia operativa.
La compa帽铆a se帽ala como factores principales los retos persistentes del mercado, entre ellos la ca铆da de las ventas minoristas y la reducci贸n de nuevos pedidos. Para apoyar a los empleados afectados, Miller Industries ofrecer谩 ayuda econ贸mica y de prestaciones, as铆 como recursos de recolocaci贸n y de transici贸n profesional.
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Miller Industries (NYSE: MLR), le plus grand fabricant mondial d'茅quipements de remorquage et de r茅cup茅ration, a annonc茅 une r茅duction significative de ses effectifs, touchant environ 150 postes dans trois sites de production. Cette d茅cision s'inscrit dans le cadre d'un plan global de r茅duction des co没ts visant 脿 am茅liorer l'efficacit茅 op茅rationnelle.
L'entreprise cite comme facteurs principaux les difficult茅s persistantes du march茅, notamment la baisse des ventes au d茅tail et la diminution des commandes. Pour accompagner les salari茅s concern茅s, Miller Industries offrira un soutien financier et des avantages, ainsi que des services d'outplacement et d'accompagnement 脿 la reconversion professionnelle.
Miller Industries (NYSE: MLR), der weltweit gr枚脽te Hersteller von Abschlepp- und Bergungsfahrzeugen, hat einen erheblichen Personalabbau angek眉ndigt, der etwa 150 Stellen an drei Produktionsstandorten betrifft. Die Ma脽nahme ist Teil eines umfassenden Kostensenkungsplans zur Steigerung der betrieblichen Effizienz.
Das Unternehmen nennt anhaltende Marktprobleme, darunter r眉ckl盲ufige Einzelhandelsums盲tze und geringere Auftragseing盲nge, als Hauptgr眉nde f眉r die Entscheidung. Zur Unterst眉tzung der betroffenen Mitarbeiter wird Miller Industries finanzielle Hilfen und Leistungen sowie Outplacement- und Berufswechselangebote bereitstellen.
- Implementation of comprehensive cost reduction plan to enhance operational efficiency
- Proactive measures to strengthen competitive position
- Provision of transition support including financial assistance and career resources for affected employees
- Reduction of approximately 150 positions across three manufacturing facilities
- Declining retail sales and lower order intake indicating market weakness
- Potential impact on production capacity and operational capabilities
Insights
Miller Industries cutting 150 jobs amid sales decline; restructuring to strengthen competitive position despite short-term human impact.
Miller Industries' announced workforce reduction of approximately 150 positions across three manufacturing facilities signals significant operational challenges the company is facing. This restructuring is a direct response to reduced retail sales and lower order intake in their towing and recovery equipment business.
The scale of this reduction indicates material cost pressures that management believes necessitate immediate action. While the company hasn't disclosed the exact financial impact, workforce reductions of this magnitude typically aim to reduce operating expenses by 5-10% annually. The company is implementing this as part of a comprehensive cost reduction plan designed to enhance operational efficiency.
The timing is particularly notable as it comes after what appears to be multiple quarters of challenging conditions, based on the reference to "ongoing challenges in the market." This suggests the company has likely exhausted other cost-control measures before resorting to workforce reductions.
The company's provision of financial assistance, continued benefits, and outplacement services to affected employees, while humane, will likely result in one-time restructuring charges that may impact near-term quarterly results before the cost savings are fully realized.
This move indicates management's expectation that market conditions won't improve immediately, but they're positioning for eventual recovery with a leaner cost structure. The references to "long-term success" and strengthening their "competitive position as market conditions improve" suggest this is a defensive strategy aimed at preserving margins during an industry downturn rather than a sign of fundamental business model failure.
"This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families," said William G. Miller II, CEO of the Company. "We are deeply grateful for the contributions of each individual who is leaving the Company. They have been instrumental in our success, and we wish them well in their future endeavors."
The Company is committed to supporting affected employees during this transition by offering financial and benefit assistance, as well as outplacement and career transition resources to help affected employees navigate these changes.
This workforce reduction reflects ongoing challenges in the market, including reduced retail sales and lower order intake. The Company believes these actions will strengthen the Company's competitive position as market conditions improve.
About Miller Industries
Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment庐, and markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle.
Forward-Looking Statements
Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other comparable. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things, those risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended听December 31, 2024, as supplemented in our Quarterly Reports on Form 10-Q for the quarters ended听March 31, 2025, and June 30, 2025, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company.
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SOURCE Miller Industries, Inc.
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