On this day in P1atter History...

"we are undertaking more changes for the overall health of the company"

04/21/98

Our Q1 financial performance, in addition to our 1997 experience, underscore the challenges that we face. As we refocus and restructure our business to ensure a healthy future and bring our expenses in line with our revenues, we must make difficult decisions. We have already ended a number programs and projects.

This week, we are undertaking more changes for the overall health of the company. We have carefully examined our key activities and needs in each area of the company and developed an overall staffing model that is appropriate for what we need and want to accomplish. On Wednesday, we are bringing our staffing level in line with our narrower focus. We want to face this restructuring directly and honestly, so we are communicating this at the start of the day so that everyone is aware of what is happening today.

We are eliminating approximately 40 positions in Norwood and London (some of these are open positions). The lay-offs and notifications will take place on Wednesday morning in both locations. Following the individual notifications, managers will meet with their groups. On Wednesday afternoon, we will hold company meetings in London and Norwood to review what has happened and why. The London meeting will be held in the office. The Norwood meeting will be held at 3 pm at the Sheraton Four Points across the street (formerly Factory Mutual). Amsterdam, Berlin, Paris, Bologna, Hong Kong and Australia will be contacted by telephone.

These have been difficult decisions to make and I am sorry for the pain that they will cause us both personally and as an organization. It is hard to say goodbye to valued, hard-working colleagues. In the long term, however, these changes are necessary if we are to have a healthy, promising future and serve the best interests of all our constituents.

Please do your best to be sensitive to those around you as these changes take place, to respect the work and contributions of those who are affected, and to help all of us as an organization recover and rebuild. If you have any questions or issues in understanding what is happening and why, please ask your manager or any member of the Leadership group. Thank you.

Ron

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