Sunoco Layoffs Job Cut: fires 750 employees: Finance Trading Times

Sunoco Layoffs Job Cut: fires 750 employees

The news is not good for the employees of Sunoco, the oil refining and chemical manufacturing business company. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. The latest additon to the list of organization which may go for layoffs is the Sunoco. It has declared that it will layoff some 750 workers this year. Sunoco Logo

How many employees may be fired in the Sunoco layoffs?
The news is that around 750 employees may be fired from their jobs at Sunoco.

What is the total no. of employees of Sunoco?
Total No. of employees of Sunoco is around 13,600 employees as of now. The cuts would constiitute around 20% of the total salaried employee force and the cuts are learnt to be made from the salaried segment of 3700 employees.

What will be the cost and savings by Sunoco layoffs?
There is expected to be a saving of around 300 million USD from the layoffs and other cost cutting measure which the company is expected to take. The layoffs will cost somewhere in the range of 60-70 million USD.

When will the Sunoco layoffs happen?
As per the reports, the layoffs will be done in this year itself, i.e. 2009.

Which locations will be affected by the Sunoco layoffs ?
Most of the employees to be fired by Sunoco will be from Philadelphia region.

What is the primary reasons for Sunoco layoffs?
The job cuts are because of the collapsing economic conditions.

Any other news about Sunoco layoffs
As per TradigMarkets, After losing $47 million in 2002, Sunoco saw its profits shoot to a peak of nearly $1 billion in 2005 and 2006. Its stock price rocketed from less than $20 per share in early 2003 to its peak of $96.21 three years later. Since then, annual profits have fallen for two straight years and the stock price has bounced around between $20 and $50 per share. Shortly after the market opened this morning, shares were down 89 cents (3 percent) to $28.22.
Let's hope that alternative jobs are available to the affected employees of Sunoco Layoffs Job Cut
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