Parker Hannifin Corp. is cutting jobs at its global headquarters in Cleveland.
The company announced this week that it would be laying off approximately 40 employees.
According to the company, the layoffs are a result of an ongoing realignment focused on aligning costs with demand and simplifying business initiatives.
"We can appreciate the impact that this decision has on our employees and it in no way reflects their performance or contributions," the company said in a statement to newsnet5.com.
A Parker Hannifin spokesperson said the laid off employees were offered severance packages, health insurance continuation and out placement support.
