CANTON, MA (BRAIN)—Ingersoll-Rand plans to cut several thousand jobs and close plants after sales slowed and production capacity added this year was no longer needed.
One of the companies Ingersoll-Rand owns, Kryptonite, will not be affected by this recent downsizing, according to Kryptonite general manager Karen Rizzo.
"As far as we know, the Kryptonite business will not be impacted by these changes," Rizzo said. "Since the bicycle industry suffered its own mini economic downturn in the past couple years, we adjusted and have been operating very efficiently already. Also, our business has been helped by the market reaction to high fuel prices, so we are a bit of a bright spot in a more somber corporate picture right now."
The moves by Ingersoll-Rand, the maker of Thermo King and Hussman refrigeration equipment, are part of a $110 million overhaul plan aimed at saving as much as $100 million next year. Demand for the company's refrigerated truck equipment in Europe and chilled display cases in North America is slowing in the financial crisis.