King Industries confirmed that it has gone through two rounds of reductions in force, at the beginning of the year and again in mid-March. The privately held additive manufacturer declined to say how many employees were let go.
King Industries spokesman Robert Burk told Lube Report that the layoffs involved very minor numbers, and that the company views this as a temporary situation.
King Industries has four divisions serving different industries, said Burk, and those servicing the automotive industry have been hit extremely hard. Last year, ending in October, was a record for King, Burk said, but all four divisions are down this year.
The Norwalk, Conn.-based companys divisions are industrial lubricant additives, coatings additives, plasticizers and process aids for the rubber industry, and chemicals for electronics. Layoffs were reportedly across the board, from all divisions, the companys laboratory, plant and administration. In addition, King reportedly reduced hours for some continuing employees.
King Industries supplies antioxidants, rust and corrosion inhibitors, sulfonates and other specialty chemicals to the industrial lubricants industry.