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TE Connectivity to close Guilford plant, lay off 620
The Piedmont Triad Business Journal ^ | November 8, 2012 | Matt Evans and Amy Dominello Braun

Posted on 11/08/2012 1:24:27 PM PST by 2ndDivisionVet

TE Connectivity, which makes electrical connectors for appliances and other devices, will close its factory in north High Point and eliminate 620 jobs, according to a company official.

The closure and layoffs will happen in phases through the end of 2013, said Tom Peacock, a spokesman for the Pennsylvania-based firm said. TE Connectivity (NYSE: TEL) was known as Tyco Electronics until a name-change in 2011.

Peacock said the closure of the facility will not impact the company’s other Triad facilities, and 50 employees from the closing factory will be transferred locally. TE Connectivity has three other Triad facilities.

Peacock said work from the closing facility will be moved to plants in South Carolina, Pennsylvania, Mexico and China.

“We need to improve operating efficiency as we see demand decline,” he said. “We are consolidating into those four other plants to be more efficient.”

Peacock said employees were notified of the impending closure and layoffs this morning. Severance arrangements will include temporary pay and benefits plus outplacement services.

Peacock said TE Connectivity owns the 225,000-square-foot factory and will probably sell it, though no definite plans for it have been made. He said the company considers the closure to be permanent.

In its fiscal fourth-quarter earnings report, the company said it has been impacted by a “weaker than expected economic environment” and so was putting in place efforts to save about $75 million in costs each year.

The Piedmont Parkway closing is part of that effort, Peacock said. He said there have been no layoffs or other associated cost-saving efforts at the other Triad locations, but “we have informed our associates that there may be additional actions, but that’s true globally.”

TE Connectivity’s sales in the quarter were $3.36 billion worldwide, down from $3.75 billion a year earlier. Earnings per share were $0.76, down from $0.87 in the prior year.

The company projected a further decline in sales for the first quarter of 2013, to the range of $3.15 billion to $3.25 billion.

The layoffs hurt a region that is still struggling with high unemployment, despite recent economic development successes in the region, such as the announcement last month that BB&T Corp. that it expects to add about 1,700 Triad jobs during the next five years as it takes over the former American Express call center.

Loren Hill, president of the High Point Economic Development Corp., said the layoffs show the ups and downs in attracting and retaining jobs and that the region has long way to go in combating the job losses in recent years.

"It makes it clear that economic development efforts have to move forward at full throttle at all times," he said.


TOPICS: Business/Economy; Local News
KEYWORDS: economy; layoffs; northcarolina; pennsylvania; unemployment
Here they come!!
1 posted on 11/08/2012 1:24:32 PM PST by 2ndDivisionVet
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To: 2ndDivisionVet

Added to LAYOFFS thread
http://www.freerepublic.com/focus/news/2956717/posts?page=1


2 posted on 11/08/2012 1:27:20 PM PST by Lorianne (fedgov, taxporkmoney)
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To: 2ndDivisionVet

Gee it has not made the list on the Daily Job cuts yet... Welcome to Obama’s aMeriKa 2012

http://www.dailyjobcuts.com/

Lay them all off. Obama’s aMeriKa is a nation of takers and grifters....


3 posted on 11/08/2012 1:46:52 PM PST by ncfool (Obama's aMeriKa 2012 can we make it until 2016?)
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To: 2ndDivisionVet

Elections have consequences .


4 posted on 11/08/2012 2:00:56 PM PST by Pit1 (The ride is over. I'm done.)
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To: 2ndDivisionVet

And Im trying to procure some of their 578744-1 parts this week too. . .


5 posted on 11/08/2012 2:27:58 PM PST by ▀udda▀udd (>> F U B O << "What the hell kind of country is this if I can only hate a man if he's white?")
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To: ├čudda├čudd

We make cable for them.


6 posted on 11/08/2012 2:49:36 PM PST by steerpike100
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