Wednesday, October 27, 2010

The Beat Goes On


Hawker Beechcraft distributed 60-day layoff notices to 350 salaried employees Friday and confirmed a timeline by which it will eliminate about 800 union jobs.

Beechcraft is eliminating union jobs, but the work will get done elsewhere:

Boisture said that the 820 Machinists union layoffs, announced last week, will be completed by August 2011 and the work will be transferred to plants in Mexico and third-party suppliers.

Meanwhile, at Xerox:

Xerox Corp., the printer and business-services provider, raised its 2011 profit forecast and said it plans additional cost cuts, including the elimination of 2,500 jobs.

Per-share profit next year, excluding some costs, will be $1.05 to $1.10, compared with the previous projection of at most $1.05, Norwalk, Connecticut-based Xerox said today in a statement. Analysts had estimated $1.08 on average.

Cutting jobs to increase profits - a familiar story.

Profit this year, excluding some costs, will be 92 cents per share to 93 cents, the company said, compared with analysts’ average estimate of 92 cents. Xerox’s adjusted per-share profit excludes items such as restructuring and acquisition costs.

In order to increase profits by roughly 10 cents per share, 2500 people will lose their jobs.

cross-posted at MainSt/

1 comment:

DissedBelief said...

Thrilled to read you're ok Susan. Wow, didn't realize Corolla's were that sturdy a little car. I drive one too. Continued healing to you.

This downward spiral of job layoffs merely fuels an individuals doom and gloom prediction for us all. How can we connect the dots of outrageously wealthy politicians and wall street cronies with what is happening in the so called middle class sector. We've been duped and we all let it happen by practicing complacency for over 25 years. Perhaps the voting booth is no longer adequate?