Tuesday, January 27, 2009

Speaking of Bad News

Monday was a great day with only 71,400 people laid off.
Tuesday, by comparison, was no slacker but not nearly as bad.

High-tech glass and ceramics maker Corning Inc. (GLW, Fortune 500) announced it will cut 3,500 jobs, or 13% of the company's workforce, by the end of 2009.

Oil field services company Baker Hughes (BHI, Fortune 500) announced it will cut 1,500 employees worldwide. That's about 4% of its work force, and 850 of the cuts will be from the company's North American work force.

Navistar International Corp. (NAV) said it will close its Indianapolis engine plant and Indianapolis Casting Corporation factory at the end of July. About 700 employees will lose their jobs as a result, a Navistar spokesperson said.

Specialty chemicals and office products company Avery Dennison (AVY, Fortune 500) announced it will cut approximately 3,600 employees worldwide over the next two years.

Volvo Trucks North America announced permanent layoffs of 650 hourly employees in March and April at its plant in Dublin, Va. A spokesman said declining demand caused the 40% workforce reduction at the plant. (they cut 1000 last May)

Forest product company Weyerhaeuser (WY, Fortune 500) announced it will close two mills in Washington and cut approximately 220 jobs "due to weak market conditions." The company said 25 salaried positions and 196 hourly positions will be cut.

Target (TGT, Fortune 500), the second-largest U.S. discounter after Wal-Mart (WMT, Fortune 500), announced 1,500 job cuts. The Work force reduction affects 9% of employees at its headquarters, including the elimination of about 600 employees and 400 open positions, primarily in the Twin Cities area. Target also announced it will close its Little Rock, Ark., distribution center, which currently employs 500 people, later this year.

Are we having fun yet?

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