Maui Land & Pineapple Co. said today it will eliminate 100 positions at its Kapalua Resort and corporate headquarters to cut costs as the economic downturn deepens.

In addition, the company said it has instituted a ten percent salary cut for all of the company's remaining employees. The moves are expected to save $7 million in annual operating expenses.

The salary reduction matches one taken previously by senior managers and all employees in the company's agricultural division on January 1.

The new cuts are in additon to other actions to trim expenses, including consolidating offices, eliminating all non-essential travel, cutting outside contractor support, trimming operating budgets, and placing some projects on hiatus.

"Like so many companies around the world, the unprecedented economic environment requires us to make very difficult choices," said Warren H. Haruki, executive chairman of MLP.

"While we remain hopeful for an eventual economic turnaround, we must respond decisively to current conditions. With forecasts for fewer tourists, a tough real estate market, and tight financing for the next several years, we need to be prudent and move MLP to a more competitive cost structure. By doing so, we position MLP for future success when the economic situation improves."

Employees affected by the announcement will receive their full pay and benefits through March 1, after which they will receive a "comprehensive separation package based upon their years of service," the company said.

MLP said it will provide these employees with outplacement support to assist them in transitioning to another position. MLP is working with management of the Kapalua Spa and Ritz-Carlton Club and Residences at Kapalua Bay and requesting that affected MLP employees be given priority consideration for approximately 150 new positions to be filled prior to their opening early this summer.