(Batesville, IN) – Hillenbrand, Inc. is planning a cost-reduction and restructuring program that will include job cuts, according to Inside INdiana Business.
The publication is reporting the program is designed to lower costs and increase efficiency after a weaker than expected performance last quarter by the Batesville-based company’s Molding Technology Solutions (MTS) unit.
The company said in its quarterly earnings report this week that low customer demand caused by “uncertain global macroeconomic environment” led to a 16% decrease in year-over-year revenue in its MTS segment.
Hillenbrand’s website says the MTS unit focuses on highly-engineered processing equipment, systems, and aftermarket parts and service for the plastic technology processing industry.
The segment is made up of three primary brands: Michigan-based DME; Ontario-based Mold Masters; and Cincinnati-based Milacron, which Hillenbrand acquired in 2019 for nearly $2 billion.
The cost-reduction and restructuring plan reportedly includes a 5-percent workforce reduction in the MTS segment.
It’s not clear how many will be affected by the job cuts or if any will take place locally.
WRBI will update this story as we receive more information.
