Bandag Inc. hopes to cut costs through recently announced employee reduction programs.
Bandag is offering early retirement for certain employees and has rolled out voluntary and involuntary "separation programs" for U.S. workers.
"The North American markets for commercial replacement tires have changed irreversibly over the past several years," says Bandag Chairman and CEO Marty Carver.
"To stimulate growth in Bandag's traditional retread business, we are taking steps to simplify our operations and lower our operating costs."
In addition, Bandag has closed its pension plans to new hires in the U.S. and Canada and will freeze existing pension plans for salaried and hourly employees.
