“At the end of the third quarter of last year, we began to see a slowdown in several of our key markets, a trend that we believe will continue for some time," said Chairman and CEO Michael D. Lockhart. “At that time, we began to reassess our corporate and line-of-business staffing to streamline and restructure functions in order to respond to these business conditions.”
Affected employees will be offered severance packages and career counseling based on their length of service with the company.