Polaris Industries Announces Workforce Reduction
MEDINA, Minn. January 23, 2009: Polaris Industries Inc. today announced a reduction in the Company’s workforce to respond to weakening retail demand in a difficult 2009 economic outlook. The company is adjusting and realigning its production resources and capacity in response to the weakening retail demand environment.
The workforce reduction affects 460 positions including approximately 160 salaried and hourly full-time positions and approximately 300 contractors, part-time and temporary positions spread across all product lines and multiple facilities worldwide. The salaried and hourly full-time reduction represents approximately 5 percent of the current Polaris employee base. These reductions are in process and will be completed over the coming weeks. The Company commented that it did not expect to incur material extraordinary expense in connection with the reduction in workforce.
“It is certainly not unexpected that the difficult business environment and uncertain economic situation are having an impact on our business, as well as the businesses of our dealers and suppliers,” said Scott Wine, Polaris CEO. “While this is a challenging time for our business and employees, these changes are necessary in light of the external environment and will better enable us to remain competitive in the future.”
Polaris will release financial results for its fourth quarter and full year 2008, provide a business update and provide an outlook for 2009 in a press release and during a conference call on the morning of Thursday, January 29, 2009.
To listen to the conference call by phone, dial 800-374-6475 in the U.S. and Canada or 973-200-3967 Internationally. Please reference Conference ID #42184397. The conference call will also be broadcast live via audio webcast at POLARIS.
A replay of the conference call will be available approximately two hours after the call concludes for a one-week period by accessing the same link on our website, or by dialing 800-642-1687 in the U.S. and Canada or 706-645-9291 Internationally.