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Aegion announces wage reductions, temporary furloughs during COVID-19 outbreak

Aegion announces wage reductions, temporary furloughs during COVID-19 outbreak

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CHESTERFIELD — Aegion Corporation announced measures Thursday to reduce costs during the COVID-19 outbreak, including an unpaid furlough for 15% of the company's North American workforce, and temporary wage reductions for its salaried employees.

The Chesterfield-based pipe repair company said in a statement that many of the "stay at home" orders in place across the country allow workers to continue operating and maintaining pipe infrastructure, but the business still is preparing for a "protracted period of significant uncertainty."

The company has between 4,200 and 4,300 employees in North America, according to Katie Cason, Aegion's senior vice president of strategy and communications. The furlough will impact less than 40 employees in the St. Louis area, she said.

"We do not believe a 'wait and see' approach is appropriate," Aegion President and Chief Executive Officer Charles Gordon said in a statement. "Though very difficult, we believe the swift and decisive actions we have taken will ensure the organization is able to weather this unprecedented global crisis."

The temporary cash wage reductions will range from 15% for lower salary bands up to 50% for senior leadership.

Gordon, along with Aegion's chief financial officer and general counsel, will take a 100% cash wage reduction.

According to documents filed with the Securities and Exchange Commission, Gordon's base salary is nearly $707,000. He reported total compensation of $3.8 million for 2019.

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