Hillenbrand to slash jobs as part of restructuring plan

Job cuts isolated to specific business portion

(BATESVILLE, Ind.) – Hillenbrand Industries is expected to eliminate some jobs as part of a cost savings and restructuring program.

It comes after the company reported a weaker-than-expected performance with one of its primary business segments. 

The Molding Technologies Solutions (MTS) segment suffered a 16 percent decrease in revenue compared to the same time last year, according to Hillenbrand's quarterly earnings report. 

"Given the sustained demand softness within the Molding Technologies Solutions segment, we're executing additional cost savings actions, including structural changes,” Hillenbrand CEO Kim Ryan said. 

The Batesville-based company plans to institute a restructuring program that will save them approximately $15 million.

“We're not satisfied with the current performance, and we're confident these actions will help optimize our cost structure as we manage through the current demand environment, while also ensuring we're well positioned to return to higher levels of growth and profitability once the market recovers,” Ryan said. 

According to Inside Indiana Business, the company plans to make a 5 percent reduction in workforce within their MTS segment. 

That segment is comprised of three primary brands which include a Michigan-based company, an Ontario-based company and Milacron, which Hillenbrand acquired in 2019. 

Hillenbrand expects to incur a charge of approximately $20 million in connection to the cost-cutting program.