Read Larry Connors' blog – Short Term Trading Strategies
is continuing with plans to close the company's Midland Forge operation in Cedar Rapids despite delays in securing a severance agreement with the plant's union.
The plant is slated to close by the end of the year as operations are moved into Columbus McKinnon's Dixie Industries plant in Chattanooga, Tenn. About 150 employees will be affected, Columbus McKinnon Chief Financial Officer Karen Howard said.
The company had been reluctant to publicly confirm the plant closing, even after the Machinists Local 831, the plant's union, revealed in April that negotiations had begun surrounding terms of the closing.
Howard said the Cedar Rapids plant is one of two being closed by Columbus McKinnon to reduce overhead costs. The other is Yale-Lift Tech in Muskegon, Mich., which employs about 260 making lifts.
Columbus McKinnon would not disclose specific factors that led to the closings. A broad range of factors were evaluated, Howard, said, and the decision did not rest on any one or two variables.
"It is not a decision that was made lightly," she said. "We are sensitive to the impact on the employees, their families and their communities." Columbus McKinnon plans to scale back production at a third factory; its identity has not been made public.
Machinists Local 831 Business Manager Joe Ironside said he met with Columbus McKinnon representatives for the first time in three weeks Thursday morning to discuss severance terms for affected union members. Ironside called off talks after the last meeting until a difference in interpretation of recent federal legislation providing additional help with COBRA medical benefits to laid-off workers could be resolved.
The differences had still not been worked out as of Thursday, Ironside said. Since the difference involves about $200,000 worth of medical benefits, he said the union wants to know how it will be resolved before resolving other severance issues.
He expressed confidence the issue can be resolved in the next 30 days.
Columbus McKinnon lost $78.4 million in its last fiscal year, including $102.5 million in its fourth fiscal quarter. However the Cedar Rapids plant, which is ISO 9001 quality certified, had been highly regarded with the company. Many of its products must meet high standards for federal defense purchases.
-- Contact the writer: (319) 398-8317 or david. dewitte@gazcomm.com
To see more of The Gazette, or to subscribe to the newspaper, go to http://www.gazetteonline.com. Copyright (c) 2009, The Gazette, Cedar Rapids, Iowa Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
