Mar 2, 2007

Layoffs No Longer Just Manufacturing

Kansas City Light & Power

In a
press release from Kansas City Power & Light, they are purchasing Aquila Inc’s Missouri’s properties and plan to cut about 350 white collar jobs at Aquilas Kansas City operations.

From an
article in the Kansas City Business Journal, by Jason Shaad:

“The majority of the job cuts will happen at the corporate level, in areas such as human resources, accounting, legal and communications, Aquila spokesman Al Butkus said.”

United Parcel Service

From an
Atlanta Business Chronicle article:

“The Atlanta-based package shipper (NYSE: UPS) said 194 took the deal, which was offered in December to employees who were age 50 or older with at least 10 years of service. Normal retirement age at UPS is 65.”

“The buyout offer is part of UPS' attempts to consolidate corporate support functions in areas such as network planning, procurement, human resources, finance and sales.

Wheatland Tube

Wheatland is laying off 85 workers at three of it’s facilities, what makes this note worthy is that the layoffs is in defense of Chinese imports of lower priced pipe. The article in the Coshocton Times says that the layoffs represent 20% of the firms white collar staff. The article didn’t say how many of the layoffs are in the Coshocton area, but the mid Ohio city of Coshocton does not need any more layoffs or lost businesses.

American Axle & Manufacturing Holdings, Inc.

In a
Business First of Buffalo article by Thomas Hartley AA & M is laying off 15% or 200 of it’s white collar staff. This follows nearly 1,500 blue collar production workers last year. This follows an undisclosed agreement that allows workers to be hired at rate that is less than half of the current wage. Quoted from the article:

“The company, which is the largest supplier of axles to General Motors Corp., also said it has a labor agreement with the United Auto Workers union that cuts by more than half the compensation for newly-hired production workers.”

(Wall Street applauds) “Shares of American Axle (NYSE: AXL) stock were up 19 cents to a 52-week high of $26.01 Friday afternoon.”

Ford Motor Company

This is just too big of a subject for this post so please see: At Ford Job # 1 Is To Leave Job

Masco Corporation

Masco, maker of Delta & Peerless Faucets along with Bahr Paints announced last week that they would cut 8,000 jobs by the end of the quarter. This is about 15% of their workforce.

If you follow the more contemporary economists the current decline in housing is not having an effect on the economy.


Ashutosh Kumar said...

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