Response to weakening retail demand
Polaris Industries Inc. has announced a reduction in its workforce to respond to weakening retail demand in a difficult 2009 economic outlook.
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% of the current Polaris employee base. These reductions are in process and will be completed over the coming weeks.
“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,” says 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 on Thursday, Jan. 29.