Barnes Layoffs Job Cut: fires 800 employees, Closing plants: Finance Trading Times

Barnes Layoffs Job Cut: fires 800 employees, Closing plants

Now, another firm Barnes, has decided to go for big round of Barnes Lay offs or Barnes Job Cuts. Unfortunately the situation is worsening further for the finance sector and Barnes is feeling the heat. The economic crisis is hitting all sectors and all the sectors are getting affected.Barnes Layoffs

How many employees may be fired by Barnes layoffs?
The news is that around 800 employees may be asked to leave their jobs at Barnes. This will be around 12.5 percent of its total employees.

How many employees does Barnes have?
There are about 5,700 total no. of Barnes employees.

Which locations will be affected by the Barnes Layoffs?
Windsor-based Barnes Aerospace division has cut around 28 workers. The Precision Components division will also be affected and all the plants which will be shut down.

Which plants or locations will be shut down by the Barnes Layoffs?
Central Lake, Mich. will be closed in September, Monterrey, Mexico and Atlanta distribution center will be closed by March.

How much savings can be made by Barnes Layoffs?
There will be a estimated pre-tax savings of around $40 million.

When will the Barnes layoffs happen
No information is available about the dates of Barnes layoffs.

What are the primary reasons of Barnes Layoffs
The worsening global economy means that there is a decline in sales and businesses and hence loss of revenue for Barnes. These layoffs are being justified as preparation for a possible decline in revenue.

Any other news about Barnes?
As per Journal Inquirer,Although Barnes Group’s financial position "continues to remain strong," Milzcik said, the closings and job cuts are being used "to minimize the impact of the recession on financial results, given the high degree of uncertainty in the economic outlook for 2009."

Barnes also announced in December that it is leaving behind some of its "non-core" ventures in Great Britain.

Its Logistics and Manufacturing Services division’s Motalink van business, based in Corsham, England, was sold, as were "certain assets of the U.K. direct sales to car dealerships unit and the systems business and catalog unit," Logistics and Manufacturing President Patrick Dempsey, said.
Let's hope that alternative jobs are available to the affected employees of Barnes Layoffs Job Cut
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