Horizon Restructuring Plan
Horizon Lines, Inc. (NYSE: HRZ) announced a non-union workforce restructuring initiative targeted at reducing annualized labor-related costs by an estimated $7m to $10m. The company intends to reduce its workforce by at least 10%, or approximately 70 of its 700-plus non-union employees. Initially, the company will offer a voluntary severance program to certain eligible non-union employees. If the company is unable to achieve anticipated reductions from the voluntary program, it intends to implement an involuntary severance program for non-union employees. The company expects to complete the workforce reduction initiative by January 31, 2009, and it is expected to result in a fourth-quarter 2008 charge of approximately $3.5m to $5m pretax, or $0.11 to $0.16 per fully diluted share.
Horizon Lines Acquires Aero Logistics
logistics provider (3PL) headquartered in South San Francisco, CA. of the acquisition were not disclosed. high-tech, healthcare, energy, mining, retail and apparel. Transportation division. Horizon Lines, Inc. business. shipping services between the U.S. Puerto Rico.