Ooltewah, Tennessee-based Miller Industries, a manufacturer of tow trucks, towing equipment, car carriers, and associated recovery products, has announced a comprehensive cost reduction plan designed to enhance operational efficiency and ensure the company's long-term success.
The cost-reduction program will impact 150 employees across the company's three plants in Ooltewah, Tennessee, Greeneville, Tennessee, and Hermitage, Pennsylvania.
According to CEO William G. Miller, “In the second quarter, we faced challenges in the market, predominantly related to industry-wide demand headwinds. Retail sales activity was down 20% quarter over quarter, resulting in a 30% decrease in order intake from distributors. We attribute the decreased demand largely to lower consumer confidence and elevated costs of ownership, which takes into account interest rates, insurance costs, and tariff-related price increases. We also continue to see elevated field inventory in our distribution channel, impacting demand, which has persisted since the end of last year. We are closely monitoring and adjusting production levels to meet current demand and accelerate the reduction of channel inventory, taking significant steps to improve our costs, and securing our supply chain to mitigate the long-term risks of tariffs.”
"This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families. We are deeply grateful for the contributions of each individual who is leaving the company. They have been instrumental in our success, and we wish them well in their future endeavors."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, nor promises of a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, at any time, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?