Alamo Group to implementing cost saving actions

The company is implementing cost saving actions targeting annualized savings of $25M-$30M. Workforce reduction expenses for the third quarter and first nine months were approximately $1.6M-$3.2M, respectively. “As part of our commitment to optimize operations and enhance shareholder value, we are diligently executing cost saving initiatives inclusive of plant consolidations and workforce reductions. In the first nine months of 2024, we incurred approximately $3.2 million in employee separation costs and expect the total cost to be between $4.0 million to $4.5 million. Through these ongoing actions, we anticipate achieving annualized cost savings in the range of $25 to $30 million. We have already begun to see some of these savings in the third quarter, with further savings expected to accelerate over the next 12 months.”