LAYOFFS: Deep Bloody Cuts at Whirlpool
Submitted by advisor on Tue, 10/28/2008 - 9:00am.
Whirlpool announced a 6.9% reduction of Q3 net income as a result of a drop in sales and rise in material costs. They followed up with announcements of a plant closure, and the global reduction of 5000 jobs by the end of 2009. This is the bad news.
The partial good news is that 2000 of these jobs have already been "officially" eliminated since January 2008 with the closure of 4 plants:
- LaVergne, Tennessee
- Oxford, Mississippi
- Puebla, Mexico
- Reynosa, Mexico
We don't know if these factories are fully padlocked, or working their way towards padlocking.
Whirlpool also announced 500 new job cuts with the closure of an additional plant in:
- Jackson, Mississippi
Jackson production will shift to Findlay, OH. There will be 500 additional reductions in North America, and 1900 overseas (mostly Europe) to be named later.
No one expects this to be the end of the bleeding.
Layoffs
Since the Republicans have had eight years of corporate tax cuts that they say create jobs in America , it sure looks like that isn't working...Gosh ..they never intended to creat jobs in America,all the investment is overseas and the extra money is in their pocket. Not only Whirlpool ,almost every company plays the same way. So much for American workers huh ?