Spancrete layoffs tied to financial crisis
VALDERS, Wis. - A Manitowoc County company that serves the construction industry cites the meltdown on Wall Street in its plans to lay off about a quarter of its workforce.
In a letter notifying state officials of the layoffs, Spancrete employee relations manager Gary Noel says projects scheduled for production have been canceled or delayed.
Noel says developers have been unable to get financing to go ahead with residential condominiums and other projects, and that it's been made much worse this past week because of the crisis in the financial markets.
Spancrete expects to lay off about 125 workers in Valders by mid-November. Another 105 employees are facing layoffs at Spancrete's Waukesha plant by mid-December.
Spancrete manufactures precast concrete for the construction industry.
In a letter notifying state officials of the layoffs, Spancrete employee relations manager Gary Noel says projects scheduled for production have been canceled or delayed.
Noel says developers have been unable to get financing to go ahead with residential condominiums and other projects, and that it's been made much worse this past week because of the crisis in the financial markets.
Spancrete expects to lay off about 125 workers in Valders by mid-November. Another 105 employees are facing layoffs at Spancrete's Waukesha plant by mid-December.
Spancrete manufactures precast concrete for the construction industry.
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