Herman Miller Announces Actions To Cut Costs - Quick Facts

(RTTNews) - Herman Miller, Inc. (MLHR) said the company is implementing a range of actions to temporarily reduce costs and preserve liquidity, including a 10% reduction in cash compensation for the majority of the company's salaried workforce. The company is suspending certain employer-paid retirement contributions and will suspend previously planned compensation increases and cash incentive bonus programs for the upcoming fiscal year.

The company said it will continue to evaluate further ways to manage costs in line with reduced revenue levels.

Herman Miller also postponed its upcoming quarterly cash dividend, which was declared on January 16, 2020, and was to be paid on April 15, 2020. The company also announced a temporary suspension of future dividends.