Milliken Offers Early Retirement to Some Managers

Spartanburg, SC, Dec. 8, 2008--Milliken & Co. said Friday it has offered voluntary retirement packages to eligible management employees in a restructuring to deal with current conditions and future economic projections, according to a story in Greenville Online.

The company said that in addition to its early retirement offering, it would consolidate other positions, affecting fewer than 100 employees. Milliken said it has hired a consulting firm to provide career transitional services to the displaced employees.

Company spokesman Richard Dillard said that "by offering the voluntary retirement packages, we've been able to lessen the overall impact on our management work force. Unfortunately, additional reductions were necessary to function effectively during the current economic turmoil and into the future."

Dillard added: "The company is financially very strong and is committed to remaining healthy to best serve our customers, associates and communities. We expect to emerge from the current economic downturn positioned even stronger for the long term."