Thermadyne Holdings (THMD) To Cut 13% Of Workforce
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Thermadyne Holdings Corporation (Nasdaq: THMD) is cutting its workforce by approximately 110 employees, or approximately 13% of its salaried workforce. Thermadyne notified most of the affected employees beginning January 20, 2009.
As a result of this reduction in force, Thermadyne expects to save approximately $7.5 million in annual compensation and benefit costs and to incur costs of severance related expenses aggregating approximately $4 million which will be paid in the first and second quarters of 2009.
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