Raven Industries, Inc. (RAVN) said on Tuesday that over the past two weeks, it has reduced staffing levels by 29 employees in its Applied Technology Division, located in Sioux Falls. This cut represents 4% of the company's Sioux Falls employee base and 3% of its total base.
The company's president and chief executive officer, Ron Moquist, said, "All of our businesses are adjusting to current economic conditions. This includes our capital spending levels, discretionary spending, stock repurchases and working capital utilization, all of which are geared to preserve cash flow. That will continue until we see visible signs of improvement in our business segments."
by RTT Staff Writer
For comments and feedback: email@example.com