A. M. Castle & Co. To Cut Jobs - Quick Facts

(RTTNews) - A. M. Castle & Co. (CAS), a specialty metals and plastics distribution company, said, as part of an improvement plan, it is cutting jobs at both executive and management level positions.

The company expects the lay-offs to cut costs by $7 million annually, beginning in the third quarter of 2014. The job cuts will result in around $1 million severance charges, which will be recorded in the second quarter results.

The Oak Brook, Illinois-based company further said its VP Marketing Tim Lafontaine will be retiring. Lafontaine will remain with the company till mid-2015.