~ Where the Sun Will Never Set on Our liberty ~
How nice they held this information back until after the election for Obama huh?
Excerpted from CNBC: Boeing announced a major restructuring of its defense division on Wednesday that will cut 30 percent of management jobs from 2010 levels, close facilities in California and consolidate several business units to cut costs.
The company told employees about the changes on Wednesday, in a memo obtained by Reuters and confirmed by Boeing.
Boeing, the Pentagon’s second-largest supplier, said the changes were the latest step in an affordability drive that has already reduced the company’s costs by $2.2 billion since 2010, according to the memo.
The measures come as U.S. weapons makers are under pressure to cut costs and preserve profit margins amid dwindling defense spending in the U.S.
In a message to employees, Dennis Muilenburg, chief executive of Boeing Defense, Space & Security, said the company aimed to cut costs by an additional $1.6 billion from 2013 through 2015.
“We are raising the bar higher because our market challenges and opportunities require it, and our customers’ needs demand it,” Muilenburg said.
He said the total savings would reach $4 billion, making the company healthier and better able to deal with a tougher marketplace.
He said Boeing would cut the number of executive jobs an additional 10 percent by the end of 2012, bringing overall cuts in its executive team to 30 percent for the past two years, a move that would result in a 10 percent cut in management costs.
Boeing said the changes were not a response to the threat of additional, across-the-board U.S. budget cuts due to take effect on Jan. 2, or the outcome of U.S. elections, but represented another step in its continuing drive to “be more competitive while investing in technologies and people.”
Boeing said it could not project exactly how workers would lose their jobs because it would try to place people in its growing commercial business.
A company spokesman declined to say how many jobs had already been cut from the 2010 level.
Rival Lockheed Martin has reduced its management ranks by about 25 percent in recent years after announcing a voluntary buyout.
Boeing said it would also expand its efforts to cut supply-chain costs by working closely with its suppliers, but did not provide details.
Defense consultant Loren Thompson said the changes were needed to ensure Boeing’s continued profitability.
“Many investors focus on Boeing’s commercial operations,” Thompson said, referring to the jet-making business.
“But defense provides 40 percent of the company’s revenues and returns, so controlling costs there is crucial to maintaining the company’s overall profitability.”
Boeing and other top weapons makers like Lockheed Martin [LMT 91.15 -3.72 (-3.92%) ], Northrop Grumman [NOC 66.70 -3.18 (-4.55%) ] and Raytheon [RTN 55.47 -1.87 (-3.26%) ] have focused heavily on cutting costs and drumming up foreign sales to maintain profits as they prepare for a sustained period of weaker defense budgets.
And the layoffs keep mounting! Utah coal mine lays off 102 workers over Obama “war on coal”
In January 2008, Barack Obama promised that his energy and regulatory policies would “necessarily bankrupt” coal plants. Consider this the next step towards fulfilling his campaign pledge. Over 100 coal miners in Utah got pink slips late yesterday, and the mine’s operator blamed Obama’s re-election and the bleak future for coal it portends:
The layoffs at the West Ridge Mine are effective immediately, according to UtahAmerican Energy Inc., a subsidiary of Murray Energy Corp. They were announced in a short statement made public Thursday, two days after Obama won re-election.
The layoffs are necessary because of the president’s “war on coal,” the statement said. The slogan is one used frequently during the election by Murray Energy CEO Robert Murray, who was an ardent supporter of Republican presidential candidate Mitt Romney.
In its statement, UtahAmerican Energy blames the Obama administration for instituting policies that will close down “204 American coal-fired power plants by 2014″ and for drastically reducing the market for coal.
“There is nowhere to sell our coal, and when we can, the market prices are far lower,” the statement said. “Without markets, there can be no coal mines and no coal jobs.”
It’s not just the regulatory policies in play here. The sudden discovery of vast amounts of natural gas and the relative ease in accessing it has made the cleaner fuel more cost-effective. That’s good news for both consumers and environmentalists … except that the latter wants to cut off access to natural gas as well. Hydraulic fracturing or “fracking” as it is commonly known, which has been in use for decades, has suddenly become the latest cause du jour. Obama’s EPA has tried to block fracking as much as it can, and we can expect the EPA to become bolder in this regard over the next four years.
We may well find ourselves in an energy decline within a short period of time if more coal operators choose to scale down or close altogether, while the Obama administration keeps attacking natural-gas extraction. Be prepared for energy bills to “skyrocket,” as Obama also promised during that same interview.
Update: The Boss Emeritus reminded us yesterday of her warning last week of massive layoffs in the event of an Obama win. The Blaze is keeping a list of post-election layoff notices as well.
Amazing why liberals do not see this. My analysis of the US economy says that 20% is already dead, and Obama and the liberals are working on the other 80%. I honestly believe liberals must think all food, goods and energy comes from the government who gets it from the big liberal tree in the sky.
But the liberals are not even that bright. Even a tree needs care and watering, and the only thing they do with the tree is ... oh wait.... this is a PG web site ......