Trex cut more than 150 workers company-wide as a protective measure in the event the economy experiences a downturn.
On August 25th, Trex made the difficult decision to cut its workforce. Employees were recently informed of the decision and provided with details on transition assistance offered by the company.
“Despite the tremendous growth of the past two years, our company is not immune from the reality of our current economy,” said CEO Bryan Fairbanks.
Since June, Trex has been forced to take decisive steps to respond to global and domestic economic forces. Rapid inflation and consumer sentiment has created uncertainty in the market and as was reported in Trex’s second quarter earnings call, the company has revised sales projections for the remainder of the year and is in the process of implementing cost adjustment measures across the board.
“We have an obligation to ensure that the company responds when we see changing market conditions,” continued Fairbanks. “Some very good team members are leaving us, and we know our actions are felt by the communities that we call home. However, we firmly believe that this move is necessary for the long-term success of the organization.”