High inventory prompts layoff of 240 at Bristol Compressors
BRISTOL, Va. -- Bristol Compressors will lay off about 240 workers and close for two weeks beginning Sunday because of unusually higher inventories.
The layoffs next month may be temporary, Darryll Fortune, spokesman for parent firm Johnson Controls, said Wednesday. Most of those affected will be production employees. "It has to do with demand for one product, which was overestimated what the manufacturer needed," he said.
Bristol Compressors, which manufactures reciprocating compressors used in air conditioning units and heat pumps, currently employs about 1,300 people. This will be the second round of cutbacks in about a year for Bristol's largest employer, which was acquired by Milwaukee-based Johnson Controls in December 2005.
The work force was reduced by about 290 last year. Johnson Controls has the plant up for sale. A share of the company's stock was trading at $99.10 Thursday morning on the New York Stock Exchange, after closing at $99.57 on Wednesday.
The layoffs next month may be temporary, Darryll Fortune, spokesman for parent firm Johnson Controls, said Wednesday. Most of those affected will be production employees. "It has to do with demand for one product, which was overestimated what the manufacturer needed," he said.
Bristol Compressors, which manufactures reciprocating compressors used in air conditioning units and heat pumps, currently employs about 1,300 people. This will be the second round of cutbacks in about a year for Bristol's largest employer, which was acquired by Milwaukee-based Johnson Controls in December 2005.
The work force was reduced by about 290 last year. Johnson Controls has the plant up for sale. A share of the company's stock was trading at $99.10 Thursday morning on the New York Stock Exchange, after closing at $99.57 on Wednesday.
Labels: Bristol Compressors, Jeff Altman, layoffs, The Big Game Hunter, The Job Market Blog
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