Shapes trims workforce under new owners
Aluminum Shapes Inc., Pennsauken, has replaced top managers and cut its workforce to 700, from around 1,000, since declaring bankruptcy last Spring. Shapes was bought by H.I.G. Capital of Miami two months ago.
Aluminum Shapes Inc. of Pennsauken and its affiliates, one of the biggest industrial employers in South Jersey, has replaced top managers and reduced employment to around 700, from 1,000 when it filed for bankruptcy protection last Spring, acting president Tom Evans confirmed.
Shapes was purchased by H.I.G. Capital of Miami in August for $30 million plus assumption of liabilities. The slowdown in truck construction and home building has reduced demand in two key markets, said Evans, who replaced Steve Grabell after the purchase. Grabell had said at the time the company expected "no layoffs," but as markets have remained weak the company has cut foreman positions and left some jobs vacant, according to employees.
Shapes management would like automate more of its work, Evans said. H.I.G. has acquired four other U.S. aluminum plants since 2005; they do business as Signature Aluminum.