Companies Closing or Laying off Since Obama Re-elected
Posted in the Elizabethton Forum
#1 Nov 11, 2012
Do elections have consequences? If you have been paying attention to the financial markets, you might think so. Wall Street has had two horrible days since President Obama won a second term.
However, stock prices are not the only thing taking a hit. It appears that the job market is also suffering. In the last 48 hours, the following major corporations have announced layoffs in America (links take you to news stories about the layoffs – with details from the companies):
• Energizer -
The St. Louis-based company said Thursday that it expects to shed about 1,500 employees. When finished, the restructuring should lead to $200 million in pretax yearly savings, Energizer said. It aims to have most of its restructuring steps finished by the end of September 2014.
• Exide Technologies -
Exide Technologies announced Thursday that it will be idling its lead-recycling operations in Laureldale and laying off 150 workers, effective no later than March 31.
• Westinghouse -
Westinghouse Anniston, the contractor responsible for shutting down Anniston’s chemical weapons incinerator, has reduced its workforce by another 50 employees.
• Research in Motion Limited -
Research in Motion Ltd., the maker of BlackBerry smartphones, laid off about 200 people at its U.S. headquarters in Irving on Wednesday, according to a source close to the company who did not want to be named.
• Lightyear Network Solutions -
More than one dozen employees at a Pikeville company lost their jobs this week. Officials with Lightyear Network Solutions said they are consolidating offices in Louisville and Pikeville to save money.
• Providence Journal -
The Providence Journal Co. laid off 23 full-time workers Wednesday as part of a cost-cutting effort, including 16 members of the Providence Newspaper Guild and 7 non-union employees.
• Hawker Beechcraft -
The company says 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas.
• Boeing (30% of their management staff)-
Boeing Co. said Wednesday it plans to employ 30% fewer executives at its Boeing Defense, Space & Security unit by the end of 2012 compared to 2010 levels.
• CVPH Medical Center -
CVPH Medical Center has handed pink slips to 17 employees. The layoffs — nine in management and eight hourly staffers — are part of an effort to “help bolster the hospital’s financial position in 2013 and beyond,” a press release said.
• US Cellular -
The move will result in 980 job cuts at U.S. Cellular, with 640 in the Chicago area, according to a spokeswoman. The cuts are slightly under 12 percent of the approximately 8,400 total employees U.S. Cellular had at the end of the third quarter.
• Momentive Performance Materials -
About 150 workers at Sistersville’s Momentive Performance Materials plant will be temporarily laid off later this month, officials said this week.
• Rocketdyne -
About 100 employees at Pratt & Whitney Rocketdyne, most of whom work in the San Fernando Valley, were laid off Wednesday in response to dwindling government spending on space exploration, the company said. The layoffs were effective immediately, and 75 percent of them came at the facilities on Canoga and De Soto avenues, which employ about 1,100 people. The company has six sites across the Valley.
• Brake Parts -
The leader of an automotive parts plant in Lincoln County has told state officials that there are plans to lay off 75 workers starting in late December…The layoffs are expected to start Dec. 28 and continue in the first quarter of 2013
#2 Nov 11, 2012
• Vestas Wind Systems -
Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years.
• Husqvarna -
Husqvarna AB (HUSQB), the world’s biggest maker of powered garden tools, plans to cut about 600 jobs in a move that will save 220 million kronor ($33 million) a year by 2014.
• Center for Hospice New York -
The Center for Hospice and Palliative Care plans to temporarily lay off as many as 40 employees next year as it embarks on a major renovation of the inpatient unit at its Cheektowaga campus.
• Bristol-Meyers -
Bristol-Myers Squibb is following up its lackluster third-quarter results with almost 480 layoffs. As Pharmalot reports, the company notified the New Jersey government that it would scale back in Plainsboro, which means the cuts will hit its sales operations.
• OCE North America -
Trumbull printer- and scanning-equipment provider Oce North America, Inc. will lay off 135 workers in three Connecticut communities, including East Hartford, according to its notice with the state Labor Department.
• Darden Restaurants -
The company, which was among those who had received an Obamacare waiver in the past, is looking to limit workers to 28 hours per week. A full time employee that is required to have health insurance (lest the employer pay a fine) works 30 hours per week, as defined by the Obamacare law.
• West Ridge Mine -
In its statement, UtahAmerican Energy blames the Obama administration for instituting policies that will close down “204 American coal-fired power plants by 2014″ and for drastically reducing the market for coal.
• United Blood Services Gulf -
United Blood Services Gulf South region, the non-profit blood service provider for much of south Louisiana and Mississippi, will lay off approximately 10 percent of its workforce. It was a hard decision to make according to Susan Begnaud, Regional Center Director for the Gulf South region.
A layoff is tough enough for employees to deal with, imagine hearing the crushing news that your office is shutting down just before Thanksgiving and Christmas… Here are some of the business closings that were announced in just the past two days:
Caterpillar Inc. will close its plant in Owatonna Minn.
Mount Pleasant’s Albrecht Sentry Foods
The Target store at Manassas Mall Va.
Millennium Academy in Wake Forest NC
Target Closing Kissimmee FL Location
The Andover Gift Shop in Andover MA
Grand Union Family Markets Closing Storrs Location CT
Movie Scene Milford Location NH
Update: TE Connectivity Closing Greensboro Plant – 620 Layoffs Expected
Gomer’s Fried Chicken in South Kansas City
Kmart in Homer Glen
Fresh Market on Pine Street in Burlington
AGC Glass North America to permanently close its Blue Ridge Plant in Kingsport Tenn.
The Target store at Platte and Academy in Colorado Springs
The Roses store on Reynold Road in Winston-Salem NC
Bost Harley-Davidson at 46th Avenue North and Delaware Ave. in West Nashville TN
Townsend Booksellers in Oakland
The Kmart store in Parkway Plaza off University Drive in Durham NC – 79 Jobs Lost
To see even more companies that announced layoffs since the election, visit the Daily Job Cuts page.
#3 Nov 11, 2012
Great!! I do believe people are scared he has been re-elected! Sounds that way anyway!
#4 Nov 11, 2012
There is a local glass company I believe its called AGC that announced they r closing their kingsport plant. I believe the election results have a LOT to do with it!!
#5 Nov 11, 2012
After I posted my comment above I saw that it was included in the original post. Sorry for the repeat!
#6 Nov 11, 2012
The only jobs that are going to be available are minimium wage jobs/or a little over that...THEN we are gonna be expected to pay for family insurance out of that! So that my friend will leave us living on about 100~200 a month! And if we opt out of insurance just to be able to feed our families THEN we will get taxed for not having insurance! Maybe that's why PEOPLE would rather sat on the butts at home and run the country further into the ground cause right now they can get more from the goverment than WORKING~PRETTY MESSED UP!!!
#7 Nov 11, 2012
Your boy Romney lost the election, now get over it. You can stop cherry picking data and cutting and pasting it all over to whoever will eat it up as nobody cares now. Get over your dumbass "woe is me" negative slanderous bullshit as the ELECTION IS OVER!! I bet if I researches all that crap you cut and paste from some idiotic conservative website most of it would have nothing to do with the election at all...
Since: Sep 08
Neon City Oh.
#8 Nov 11, 2012
More proof that corporations are the reason for the problem.
#9 Nov 11, 2012
I am sick to death of companies going to Mexico and other places.I worked for TT Electronics in Boone.They finally sent our jobs to Mexicali Mexico.Besides that,we had to train the mexicans before we left.In order to get our severence package.Sick Sick Sick....and i know other ppl are too.
#10 Nov 11, 2012
It's also funny that the big Democratic supporters in businesss..Microsoft and Apple have all of their computers, I-phones, etc. manufactured in China.
Big Big Hypocrites.
The China factories where they make the I-phone works those people almost beyond their ability to tolerate the conditions..But they "pretend" to be good US companies and suck up to Obama and the democrats.
I love the way all you good caring democrats who supposedly care about people, etc. buy their products like sheep, while the workers over there making your I-phones are committing suicide because their working conditions are so bad.
You are all hypocrites.
#11 Nov 11, 2012
Hey retard, your candidate Romney was the expert in shipping jobs overseas or just dismantling companies for profit. And do you think any companies owned by Republican contributors don't have manufacturing overseas? And since when did Republicans give two shits about the working conditions of the Chinese laborer? Do you have your head completely up your own ass or are you just stupid?
#12 Nov 11, 2012
Everybody has the right to there own opinion...why the name calling?? i am sick of this too!
#13 Nov 11, 2012
Because I hate liars and idiots...
#14 Nov 11, 2012
I haven't heard a liar or an idiot talking here yet!Seems you have the problem...we all have our opinions..and you sir are a big Ball of Hot air!
#16 Nov 11, 2012
You are right, Republicans have done this too as far as taking jobs overseas. Businesses loyal to both parties have done this.
But I was referring to the democrats who act as if they are all innocent of this and their hands are just as dirty.
The democrats pretend they are not all big business like the republicans, but it's just pretend. They are all in it together and put on a show for our benefit. The democrats are just bigger liars about it.
#17 Nov 11, 2012
Do you folks think that if the election had gone the other way that none of these layoffs would have happened?
The negative cash flow would have magically reversed?
The announcements were geing to happen anyway and it's pure fearmongering to the sheeple.
#18 Nov 12, 2012
Since: Aug 12
#19 Nov 12, 2012
Repubs and Dems alike need to understand that BUSINESS is now GLOBAL...you cannot just think locally as in "only here in the US". With technology, the world is now the market for every business. US businesses are competing with the world...not just the brick-and-mortar company down the street or in the next state.
From Friday's USAToday:
To-do list for policymakers
Here are some of the ways businesses say policymakers can help improve U.S. competitiveness:
•Lower corporate taxes. The 39.1% combined U.S. corporate tax rate, including state and local taxes -- the federal rate is 35%-- is the highest among industrialized countries and about 50% higher than that group's 25.1% average, according to the Business Roundtable.
Also, companies don't pay taxes on profits that remain abroad but do pay the difference between the foreign rate and the higher U.S. rate if they bring those earnings back to the U.S.
"We're competing (worldwide) to serve a common customer," says Caterpillar Chief Financial Officer Ed Rapp. "If I operate under a system that has a higher rate and I can't move that capital around the way I want to, then I'm at a competitive disadvantage."
President Obama has proposed cutting the corporate tax rate to 28% but applying it to all income, whether repatriated or not -- toughening, rather than easing, current tax rules on repatriation. He has said he wants to reward companies for locating businesses here, rather than abroad.
Deutsche Bank, however, says that would simply encourage companies to move their headquarters overseas so they don't face any U.S. tax on foreign income. And Rapp says says current policy encourages companies to keep profits abroad.
Intel Vice President Peter Cleveland says his company keeps "billions and billions" of foreign income abroad to shield it from U.S. taxes.
"We would invest in jobs and research" in the U.S. if tax rules were more business-friendly, he says.
•Streamline regulations. The U.S. has enacted 2,000 regulations the past 30 years that have imposed $750 million in environmental, labor and other costs on U.S. manufacturers, says Jay Timmons, CEO of the National Association of Manufacturers. Rivkin of Harvard says regulators should focus on outcomes rather than burdensome reporting and compliance requirements, shortening delays and minimizing litigation.
•Promote a more highly skilled workforce. A Deloitte study last year found 80% of manufacturers struggling to find skilled workers. Cleveland says Intel is seeking 4,000 to 5,000 engineering and other technical workers. Businesses lament a high school and college system that has de-emphasized training for skilled jobs.
•Make permanent the research-and-development tax credit. The credit typically is renewed annually and, though it wasn't this year, it's expected to be renewed eventually, allowing benefits to be applied to 2012 retroactively. But executives say the uncertainty makes it difficult to plan R&D budgets.
"It wreaks havoc," says Cleveland, noting Intel spends about $8 billion a year on R&D. "We don't know if we're going to get it, when we're going to get it and so we don't put it to as good use as we should."
•Improve infrastructure. The nation is spending about half the $2.2 trillion it should on improving infrastructure, according to the American Society of Civil Engineers. For example, shallow seaports can't accommodate larger ships, causing delays.
"If we can cut corporate taxes and also help education and infrastructure and all those other things, it's a good thing to do," Sirkin says. "But what are the trade-offs?"
***As we can all see, Congress and the President has a lot of work to do...forget the partisan party politics...it's time America comes first...or we will continue to be left behind.
#20 Nov 12, 2012
look at corporations effective tax rate we are the lowest in the world. around 3% or less most of the big ones don't pay any and get huge rebates and credits, and corporate welfare. GREED
#21 Nov 12, 2012
thats good, love to hear of all the layoffs, thats what you people voted in a week ago as president, yes thinking man i said thats a good thing maybe we all can live off the government i bet 3/4 of all these people voted for obama this country needs to be brought to its knees thats what you get when you vote for a terriorist and give him a big ole credit card with no limit.
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