IKONICS Announces Furloughs and Additional Cost Cutting Measures
27 June 2020 - 4:39AM
IKONICS Corporation (the “Company”) (Nasdaq:IKNX), a Duluth-based
imaging technology company, announced it will furlough
approximately 40% of its 81 employee workforce until July 31, 2020.
Employees were notified on June 25th, 2020 and furloughed employees
will continue to receive benefits. In addition to the
furlough, IKONICS is suspending the company’s contribution to its
401(k) retirement plan. These measures, together with
previous actions that included a reduction of officer and board
compensation, and the elimination of all non-essential expenditures
will help to partially offset the impact of lost revenue from the
COVID-19 pandemic.
Glenn Sandgren, IKONICS CEO noted, “This is a painful but
necessary action that impacts all of our IKONICS family. We
are working diligently to put the business on a firm footing,
allowing us to bring back these team members as soon as economic
conditions allow.”
News Contact: |
Glenn Sandgren |
|
Chief Executive
Officer |
|
(218) 628-2217 |
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