For the past few weeks, the news has all been about its parent, Fiat, which was said to be trying to buy Chrysler. Today, that changed. Fiat reported 1st Qtr losses of $536 million and its subsidiary, CNH, reported its own losses, of $126 million.
And the news switched to talk about whether Fiat would have to sell its "jewel" -- yes, that's CNH -- to whether it can buy Chrysler at all. Or whether it would try to buy some of Opel from GM.
And, closer to home, to talk about job cuts at CNH.
Early this morning, an article from Agence France Press said Fiat planned 4,600 job cuts at CNH. This afternoon, that number was changed to 1,500 job cuts. The change was explained this way: A spokesman said Fiat is planning to cut between 10 and 15 percent of CNH's "administrative" jobs; the earlier number came when another spokesman "said earlier that the percentage applied to a total of 31,500 jobs."
The CNH earnings notice contained numerous references to cutbacks, personnel reductions and right-sizing. As in:
- "$250 million to be invested in reorganization."
- "CNH also announced that it will invest approximately $250 million over the next 12 months to reduce costs and improve operating efficiency. "
- "The magnitude and speed of industry declines leads us to believe that such actions are not sufficient. Accordingly, we are today announcing a $250 million global industrial consolidation and reorganization plan to further adjust cost and operating levels," said Harold Boyanovsky, CNH president and chief executive officer.
- "To right-size CNH's structure ... these plans include further personnel reductions, cost reduction initiatives, re-organizations, and/or restructurings."
I am so glad that Obama is in charge look what a great job he is doing with the economy. Yes in 100 days he has done so much to ruin this great country.
ReplyDeleteAnd how are we going to pay for his trillions in spending?
Colt, Fiat bought CNH prior to Obama, you can't blame everyhing on the guy.
ReplyDeleteGet a friggen life, colt. You people slay me with your blame game on obama. george bush and his boys sure messed up things. why don't you blame w because he was part of the reason we're in this mess. why would obama want to do the same as w? there are more than one way to skin a cat.
ReplyDeleteThe market only started to decline once Obama was named his party's nominee. Things really got bad after the election. Bush turned around the Clinton/Gore recession and life was good until Obama entered the picture. Don't believe me - look at the charts!
ReplyDeleteWell, I blame Cigar jackin' Clinton for this mess prior to Bush...See how stupid you sound??
ReplyDeleteHere's a little tidbit you outsiders may not know about: Last year CNH handed out bonuses to employees because they had, and I quote in their own words, "The best year on record." That quote came from someone I personally know who received one of the bonuses.
ReplyDeleteSuddenly, Obama enters the scene, becomes president, tripples our debt and puts us in hock for generations to come. The whole world is holding its breath to see what this stealth socialist is going to do next and commerce comes even closer to a stand still.
Now CNH is in the soup right along with everyone else, after just having a stellar year internationally, but Obama has nothing to do with it. Give me a break! Wake up and smell the socialist roast coming out of the coffee pot! Obama IS the problem! He's continuing to perpetuate it! He and his racist wife have theirs and couldn't care less about you!
Case has already started the process by cutting costs here in Sturtevant. They have terminated their logistics contract with APL Logistics after 12 years and this new company called Linc (Logistics Insight Group) out of Warren, Michigan will be taking over the supplying of parts to the Case plant in Sturtevant on June 28th. Linc Logistics has signed a 3 year contract. They have a large space located right across from the plant next to Liquid Container in that same building. This Linc company is owned by Manual J. Moroun, who also owns the Ambassador Bridge in Detroit, MI. He's a total crook (Google him),and been a pain in the ass for the city of Detroit for decades. Hes all about money and this move will no doubt hurt Case in the long run. Congrats to Case/Fiat on this stupid move on their behalf.
ReplyDeleteLet me understand this right. There are a few of you who believe it is Obama who is to blame for our economic situation?
ReplyDeleteDang, he hasn't had time enough to make a dent in it. He has been running around reacting to what he was given on his plate when he became President in the first place. He has already told us it is going to get worse before it gets better. Did you not hear that?
And then I not so proudly read here that it was Clinton's fault too? Give me a break. Clinton gave us large budget surplus while George W. gave us the biggest deficit ever. What don't you understand about that and the implications of it?
I just shake my head in total disbelief that people here have such a poor memory of what actually occurred in recent history.
I just shake my head in total disbelief that people here have such a poor memory of what actually occurred in recent history.
ReplyDeleteYes we sure forgot about 9-11 now Obama is going to hang us out to dry since profiling terrorists is not PC but those damn gun owning vets got to keep an eye on them.
Obama's pal you know the former weatherman the group that did acts of terrorism in the US and very good freinds with Hugo the dictator of Venezuela talks about the role of education is to end capitalism and bring about Marxism.
We forgot about the 1920's and how hyper-inflation stars are how it destroys counties.
Good news is we will get to see it all again.
CNH/Fiat has a banner year, then lays off 1,500 workers. Is it opening another plant in China, or India?
ReplyDeleteEmployees eligible to participate in CNH's Voluntary Separation Plan include U.S. salaried employees ages 55 and above with 10 or more years of continuous service as of March 31, 2009....not 30 years service. All of us got the letter yesterday.
ReplyDeleteAlso, I really hate it when companies say 'right-sizing.'
Blame any and all - but in the end who will be left in the rusty city of Racine to pay the ever increasing taxes that fuel the union driven costs - teachers, fire, police, lifer govenmment hacks, et. al. that drove most manufacturing business from the area.
ReplyDelete8:50 you so right who will be here to pay for things like KRM? The failing school system?
ReplyDeleteHow many will leave Racine 50 100 1000? How many home owners will leave selling there once owner occupied home into a rental unit?
Perhaps some of these questions should be asked of the Becker clones running for Mayor.
Colt is an IDIOT !!!
ReplyDeleteReally let's be serious here. You want to blame Obama for the last 10yr screw ups? You want to call his wife a racist? You cant see with both Bush's have put this nation through? You must really be living in the 1920's. Because this world has been screwed up for sometime now. I think people are blaming Obama for everything he says and does based on his race. It seems as though nobody can come to grips with a black president. I just hate to say that but it's true. Everytime we have had a president and things were messed up "we" (the people) said "oh well it will get better soon". But your damn dog runs away and now its because Obama knew your vet who use to live across the street from a terrorist. All I have to say is I agree with Anonymous. Coly you need a wake up call hun. A changehas come!
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