What are some of the cost reduction measures HSG has taken?
Like most businesses, we went after discretionary spending levels, such as cutting back on travel, meetings and discretionary out-of-pocket expenses. Second, we looked at temporary plant closures in Massachusetts and in Germany. We closed in Massachusetts during the week of July 4 for three days and we had some voluntary closures in Germany for one week, pulling back on some capacity in the third fiscal quarter. Third, we tried to put an emphasis on introducing new products that would make a substantial difference in our top lines in the third fiscal quarter. We hope that the business will strengthen, but we don t see the business strengthening as quickly as we expect, so there will be continuations of more stringent expense reductions going forward. The company also will reduce its work force by 650 employees. In which areas are the reductions concentrated? It is worldwide and it is across all our multifunctional areas. What we did was try to rescale operations to our projected revenu
