Duluth-Based IKONICS Corporation Announces Employee Furloughs
DULUTH, Minn. – Duluth-based IKONICS Corporation has announced it will furlough about 40 percent of its 81-employee workforce through the end of July.
Furloughed employees will continue to receive benefits, but the company is suspending retirement plan contributions.
The furloughs are designed to offset revenue lost during the COVID-19 pandemic.
Glenn Sandgren, IKONICS CEO, released this statement in regard to the furloughs:
“This is a painful but necessary action that impacts all of our IKONICS family. We are working diligently to put the business on a firm footing, allowing us to bring back these team members as soon as economic conditions allow.”