SPX Corp Layoffs Job Cut: fires 400 more employees: Finance Trading Times

SPX Corp Layoffs Job Cut: fires 400 more employees

The news is not good for the employees of SPX Corp Corporation, the Diversified manufacturer in multiple products. It is learnt that the company may go for another round of layoffs, firing as manay as 1700 employees in total at various locations. Seems like the era of progress is over and we are completely into a big messy situation, where even blue chip companies are unable to keep their employees. The latest additon to the list of companies going for layoffs is the SPX Corp. No one seems to be shielded from the effect of recession. It the SPX Corp Company, which have decided to go for the layoff. SPX Corp Layoffs

How many employees will be fired in the SPX Corp layoffs?
There could be around 400 job cuts by the company. This will be in addition to the previous layoffs. In total, around 10% of the global workforce of the company of the company is scheduled for firing.

What is the business of SPX Corp
The company makes products ranging from cooling towers for power plants to automotive diagnostic tools.

Were there any previous rounds of layoffs by SPX Corp
Yes. The company has laid off many employees in the recent past. Including these 400, the total layoff count stands at 1700 for SPX Corporation.

What is the total employee strength of SPX Corp
As of now, SPX Corp has 17,000 workers.

Any partcicular business which is getting affected
SPX is facing slowing demand in its transformer business in the USA.

Which employees are affecteed by the SPX Corp Layoffs
Many areas may be affected but primarily it will be manufacturing area where the jobs will be cut.

What are the primary reasons for SPX Corp layoffs?
SPX Corp is restructuring its operations in response to the decline of the global economy and its impact on consumer spending.

Any other news about SPX Corp layoffs
SPX said it expected to incur $65 million of restructuring costs this year as it laid out a 2009 profit forecast that was below Wall Street's 2008 expectations for the company.
Let's hope that alternative jobs are available to the affected employees of SPX Corp Layoffs Job Cut
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