Twin Disc Slashing Costs under Market Pressure
Power transmission equipment company Twin Disc, Inc., announced additional restructuring and cost reduction activities aiming to further reduce expenses, as a result of challenging global market conditions within the company's oil and gas, global pleasure craft and Asian commercial marine markets. Twin Disc said it expects $4.3 million of annual savings from these actions once fully implemented, plus a further $6 million of annual savings announced in the fiscal 2015 fourth quarter. The company’s current plan includes reducing base salaries for corporate officers, as well as
Twin Disc Names Moore Executive Vice President
Malcolm “Mac” Moore, 64, joins Twin Disc, Inc. as executive vice president of operations effective July 1, 2015, the company announced. In his new role, Moore will be responsible for overseeing the company's global manufacturing, as well as its sales/marketing functions. "Mac brings an extensive skill set in marine, industrial and international markets to Twin Disc and we are fortunate to secure such a qualified candidate," stated John H. Batten, president and chief executive officer. "Mac is a proven business leader. As a former director of Twin Disc, Mac has
Twin Disc Elects Knutson CFO, Treasurer
The board of directors of Twin Disc, Inc. has elected Jeffrey S. Knutson to the position of chief financial officer and treasurer effective June 22, 2015 in addition to his current roles as vice president of finance, corporate controller and secretary. "Jeff has done a fantastic job since assuming the interim chief financial officer role in February," stated John H. Batten, president and chief executive officer. "Jeff's experience and contributions to Twin Disc since joining the company in 2005 make him uniquely qualified to step into the chief financial officer position.
