Top 40 distributor Newton Manufacturing (asi/283300) laid off 15 of its employees on March 26, the company confirmed this week to Counselor. The Iowa-based company did not specify what departments are being affected or how the individual layoffs were determined.
“This reduction in personnel expense was an essential part of our plans for continuing business operations,” said Mancil Laidig, president and CEO of Newton, in a statement to Counselor. “The company plans to remain part of the Newton business community and specialty advertising industry for many years. We believe this reduction in force will help us meet that goal.”
Citing itself as a private company, Newton declined to provide further details on the company’s financial health or 2014 sales. Most recently, Counselor ranked Newton Manufacturing as the 30th-largest distributor in the industry after the firm reported 2013 North American ad specialty sales of $53 million.