HUTCHINSON, Kan. — Arconic Corporation announced that its Board of Directors approved several measures to further mitigate COVID-19 impacts on the company.
The company is working to reduce operating costs by approximately $150 million. The company also plans to reduce capital expenditures by $50 million or about 30%. The company has reduced its workforce in all areas including the Hutchinson facility. It also shut down facilities in Tennessee and New York as well as reducing hours and workforce in Europe, China and Russia.
The CEO’s salary and the Board of Directors’ annual cash retainer will be reduced by 30%.
Senior-level management will incur a 20% salary reduction and all other salaried employees will incur a 10% salary reduction. The salaried workforce will be restructured targeting a 10% reduction.
In a further cost-cutting move, the company has also suspended its 401K match program for salaried employees.