Modine Manufacturing(MOD) offered a voluntary early retirement program to workers at its Asan City, South Korea facility.
The company said the facility employs 272 salaried workers and about 13% have accepted the early retirement package. The initiative will result in the company taking a charge of about $2.5 million in the fourth quarter ended March 31, it said. Modine said it will give an overview of the program when it releases its full-year fiscal 2006 earnings in early May. "Our cost position in South Korea has put us at a competitive disadvantage, the company said. "For this reason, we've taken steps to offer appropriate incentives to employees to remain competitive." The company's stock was trading at $29.89, up 81 cents.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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