MILLER INDUSTRIES ANNOUNCES WORKFORCE REDUCTION
Workforce Reduction Announcement: Miller Industries, Inc. will cut approximately 150 jobs across three manufacturing facilities as part of a cost reduction plan aimed at improving operational efficiency and ensuring long-term success.
Support for Affected Employees: The company is committed to assisting impacted employees with financial aid, benefits, and career transition resources during this challenging time, citing market challenges such as reduced retail sales and lower order intake.
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Miller Industries Acquires Omars for $20.3 Million to Expand European Market
- Acquisition Deal: Miller Industries has completed the all-cash acquisition of Italy's Omars for approximately €17.5 million ($20.3 million), which is expected to enhance its market share in Europe and improve manufacturing flexibility.
- Market Expansion: With Omars generating annual revenue of about $27 million, this acquisition will provide Miller Industries with additional capacity to meet growing customer demands, thereby driving revenue growth.
- Strategic Fit: Omars boasts a modern manufacturing facility and a strong sales team, which is anticipated to synergize with Miller Industries' existing resources, enhancing overall profitability and competitive positioning.
- Global Growth Strategy: CEO William Miller stated that this acquisition marks a significant milestone in the company's plans to expand into global markets, reflecting a continued commitment to its capital allocation strategy.
