20 lose job
Methode Electronics, Inc. announced yesterday that it has implemented restructuring at its local manufacturing facility.
The company went for restructuring in response to ongoing decreased demand from its North American automotive customers and rapid increases in raw material costs.
Methode's restructuring follows a number of actions being implemented to strengthen the company, including reducing supplier costs, minimising expenses, making certain efficiency investments, and streamlining some employees' roles and responsibilities.
"Unfortunately, the decision also includes the elimination of a small percentage of the staff from our Malta workforce," a company statement said.
Contacted by The Times a company spokesman said that out of a work force of 559 workers, 20 would lose their job.
"Methode values its Malta employees tremendously and regrets the impact this decision will have on the affected employees and their families.
"The company is providing those affected with severance payments and is working with the Employment and Training Corporation to help them find other employment.
"The restructuring is essential for Methode to compete in an increasingly competitive industry. It will allow the company to perform more efficiently to meet the increasing demands of a global marketplace.
"Methode is proud to be one of Malta's leading companies and continues to see great opportunity here. The company is committed to the region and the skilled workforce that makes up an important part of the Methode organisation," the company statement added.