The four business units of Genuine Parts Co. - Automotive, Electronics, Industrial and Office Products - have drafted detailed
and specific cost reduction plans, which each have implemented, according to Thomas Gallagher, CEO, in the company's latest
conference call on its first quarter 2009 results.
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
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The four business units of Genuine Parts Co. - Automotive, Electronics, Industrial and Office Products - have drafted detailed
and specific cost reduction plans, which each have implemented, according to Thomas Gallagher, CEO, in the company's latest
conference call on its first quarter 2009 results.
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
But as we saw the business decelerating even more in Industrial and Electrical, they had built contingency plans to take more costs out, which they have been working on, and they continue to refine the contingency planning to try to catch up with the declining revenue, he said.
But the company is cautious of not cutting too much. "It's a balancing act," says CFO Jerry Nix. "We don't want to go so far that ...
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