TaylorMade-adidas Golf reducing its workforce after Ashworth buy 12/01/2009 |
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TaylorMade-adidas Golf Co. is reducing its workforce by 70 employees, company officials announced on Friday. The cuts will come from across all areas of the company as a direct response to today's uncertain global economic climate, they said.
"We have to align our resources appropriately to meet the unique challenges ahead," said TMaG President and CEO Mark King. "That means taking a variety of critical actions to make our organization leaner and more cost-efficient.
"We regret that one of those actions is to reduce our workforce, however difficult times require difficult decisions," he added. "We're confident that the steps we're taking now will allow our company to remain strong during these turbulent times."
In December, TMaG officials indicated that they planned to cut as many as 170 jobs in the wake of TMaG's purchase of golf clothier Ashworth Inc. Together, TMaG and Ashworth had roughly 2,000 employees after TMaG (with approximately 1,400 employees worldwide) completed its acquisition of Ashworth (with about 500 employees) for $28.1 million plus the assumption of $46.3 million of Ashworth's debt.
TaylorMade spokesman Scott Leightman said the job reductions -- at both TMaG and Ashworth -- would occur over the next 12 months through cuts and attrition. The cuts allow the company to integrate the functions of the two brands and strengthen the performance of Ashworth's brand, which has struggled financially prior to the deal, he explained.
"In order to bring Ashworth back to prominence, we can't operate at the status quo," Leightman said.
(Source: pga.com)
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