Let’s see if we can’t summarize all the Electrolux appliance bullshit of the last few months:
Electrolux History of Firing People Reviewed
April 3, 2015
GE Appliance Burns Down
April 8, 2015
Electrolux President Jack Truong “Steps Down”
Not only the facts of, but also a handy reminder why, I can’t stand analysts in general and David MacGregor in particular.
Is there really no one else reporters can talk to? Here’s the most recent gem?
David MacGregor, research director at Longbow Research, said given the magnitude of the GE deal, the next executive must have deep sophistication in manufacturing and engineering but also needs to be able to cultivate relationships on the client side. “That narrows the field quite a bit, but there are players within both Electrolux and General Electric that would fit that bill,” MacGregor said.
June 5, 2015
Electrolux makes investment in Charlotte, and makes some secret job cuts….while it waits for the big firings.
And will the MacGregor gems never cease?
As of June 19, the GE deal still hasn’t closed, but when it does, rest assured that Louisville, KY will be an even less pleasant place to live than it is now. That’s how Electrolux rolls. If you are a GE employee, take any overtime offered, and bank the money. The future is distinctly dim.
Electrolux will reduce the hourly wages, or negotiate a two tiered salary system, as it slowly moves production of its lower tech crap to Mexico. The GE and Electrolux factories will bid on new GE and Electrolux product lines, and the loser will be closed-up. The new North America president better be damn good at negotiating its blue collar middle class into accepting subsistence wages, and whatever firing and closing is required, because THAT baby, is the job description.
And if I could support Mr. MacGregor’s astute analysis: “but there are players within both Electrolux and General Electric that would fit that bill“