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Polaris Industries to cut 5 percent of its workforce

Polaris Industries is reducing its workforce by 5 percent, or 460 positions, as a result of the weakening U.S. economy, the company said in a press release.

The reduction will include approximately 160 salaried and hourly full-time positions and approximately 300 contractors, part-time and temporary positions spread across all product lines and multiple facilities worldwide, the company said.

Polaris said these reductions, which currently are under way, will be completed over the coming weeks.

“It is certainly not unexpected that the difficult business environment and uncertain economic situation are having an impact on our business, as well as the businesses of our dealers and suppliers,” Scott Wine, Polaris CEO, said in a press release. “While this is a challenging time for our business and employees, these changes are necessary in light of the external environment and will better enable us to remain competitive in the future.”

Polaris will release financial results for its full year, provide a business update and provide an outlook for 2009 on Thursday, Jan. 29.

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