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MILLER INDUSTRIES ANNOUNCES WORKFORCE REDUCTION

1. Miller Industries will cut 150 jobs to enhance operational efficiency. 2. The decision reflects ongoing market challenges like reduced retail sales. 3. Financial support will be offered to affected employees during transition. 4. Company aims to strengthen competitive position as market improves. 5. Miller Industries is a leading manufacturer of towing and recovery equipment.

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FAQ

Why Bearish?

While cost-cutting can improve efficiency, layoffs indicate underlying financial distress. Historical examples like similar layoffs often precede revenue declines.

How important is it?

Layoffs disrupt operations and reflect market turmoil, impacting stock price. A focus on reducing expenses may not be a long-term solution.

Why Short Term?

Immediate labor reductions can negatively impact sentiment and operational capability. Perceptions may stabilize as efficiency improvements manifest.

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TOWRDOW
, /PRNewswire/ -- Miller Industries, Inc. (NYSE: MLR) (the "Company") announced today that it will reduce its workforce by approximately 150 positions across three manufacturing facilities as part of a comprehensive cost reduction plan designed to enhance operational efficiency and ensure the Company's long-term success. "This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families," said William G. Miller II, CEO of the Company. "We are deeply grateful for the contributions of each individual who is leaving the Company. They have been instrumental in our success, and we wish them well in their future endeavors." The Company is committed to supporting affected employees during this transition by offering financial and benefit assistance, as well as outplacement and career transition resources to help affected employees navigate these changes. This workforce reduction reflects ongoing challenges in the market, including reduced retail sales and lower order intake. The Company believes these actions will strengthen the Company's competitive position as market conditions improve. About Miller Industries Miller Industries is The World's Largest Manufacturer of Towing and Recovery Equipment®, and markets its towing and recovery equipment under a number of well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger, Champion, Jige, Boniface and Eagle. Forward-Looking Statements Certain statements in this news release may be deemed to be forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "may", "will", "should", "could", "continue", "future", "potential", "believe", "project", "plan", "intend", "seek", "estimate", "predict", "expect", "anticipate" and similar expressions, or the negative of such terms, or other comparable. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are made based on our management's beliefs as well as assumptions made by, and information currently available to, our management. Our actual results may differ materially from the results anticipated in these forward-looking statements due to, among other things, those risks discussed in our filings with the Securities and Exchange Commission, including those risks discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, and June 30, 2025, which discussion is incorporated herein by this reference. Such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, the Company. SOURCE Miller Industries, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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