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Old 08-13-2013, 11:45 AM
 
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Three articles I have found (2) from today regarding impacts to CT economy as a result (be it intentional or not) of sequestration. I know this isn't just in CT, but honestly I'm from CT and this is impacting us as a whole.

CT News Junkie | South Windsor Defense Supplier Struggles With Sequestration, Obamacare Uncertainty - the last line in this article is what caught my attention.


Pratt & Whitney cuts 200 jobs in Connecticut - WFSB 3 Connecticut

The Day - Some jobs at Electric Boat may be scrapped with USS Miami | News from southeastern Connecticut


The article below is just for more of interesting topic. Ruger is headquartered in Stratford (I believe) amd has 50 people in that office. Expansion in NC. Not good.

UPDATE: Ruger expected to make announcement about Mayodan plant - Winston-Salem Journal: Local

Basically they are going to create 300 well paying, working blue-collar, middle class manufacturing jobs in NC while we get Amazon who will create 300 low to minimum wage jobs.
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Old 08-13-2013, 12:09 PM
 
Location: NJ
18,677 posts, read 16,796,358 times
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Quote:
Originally Posted by Mr_250 View Post
Three articles I have found (2) from today regarding impacts to CT economy as a result (be it intentional or not) of sequestration. I know this isn't just in CT, but honestly I'm from CT and this is impacting us as a whole.

CT News Junkie | South Windsor Defense Supplier Struggles With Sequestration, Obamacare Uncertainty - the last line in this article is what caught my attention.


Pratt & Whitney cuts 200 jobs in Connecticut - WFSB 3 Connecticut

The Day - Some jobs at Electric Boat may be scrapped with USS Miami | News from southeastern Connecticut


The article below is just for more of interesting topic. Ruger is headquartered in Stratford (I believe) amd has 50 people in that office. Expansion in NC. Not good.

UPDATE: Ruger expected to make announcement about Mayodan plant - Winston-Salem Journal: Local

Basically they are going to create 300 well paying, working blue-collar, middle class manufacturing jobs in NC while we get Amazon who will create 300 low to minimum wage jobs.
Actually Ruger NC per other articles is projected closer to 500 NC jobs. They have their biggest plant, for decades now, in Prescott, Az.

Pratt's parent corp simply continues reducing their proportion of employees in high cost states, a metric they tout with analysts.
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Old 08-13-2013, 12:16 PM
 
9,554 posts, read 8,706,343 times
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Originally Posted by bobtn View Post
Actually Ruger NC per other articles is projected closer to 500 NC jobs. They have their biggest plant, for decades now, in Prescott, Az.

Pratt's parent corp simply continues reducing their proportion of employees in high cost states, a metric they tout with analysts.

You miss CT dont ya
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Old 08-13-2013, 01:24 PM
 
Location: NJ
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Originally Posted by jp03 View Post
You miss CT dont ya
No-a once or twice a year visit is fine, as I have a smattering of family there, far more elsewhere.

I do find UTC fascinating-it is a very aggressive company. And I adore the Courant's business page-very good for a newspaper in a city of its size. In 3 days, the Post will pick up the story, no doubt.

I also know many people at Ruger corp having worked with several, so I do follow them. They have done exceeding well the last few years, even vs industry standards for that great period for gun mfg.

Last edited by bobtn; 08-13-2013 at 01:39 PM..
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Old 08-13-2013, 08:52 PM
 
Location: Woburn, MA / W. Hartford, CT
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Originally Posted by bobtn View Post

I do find UTC fascinating-it is a very aggressive company. And I adore the Courant's business page-very good for a newspaper in a city of its size.
Probably an understatement. It was just 2 years ago that PW went on a hiring binge (of sorts) to bring in engineers to work on the geared turbofan engine. So while UTC's future is bright, you have this summer's news, where a lot of talent (maybe some of the same hired two years ago) are being let go to make the short-term numbers. It's hard to argue with the strategy from an investor's standpoint, but it's terrible if you're an employee.
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Old 08-13-2013, 09:33 PM
 
Location: NJ
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Originally Posted by htfdcolt View Post
Probably an understatement. It was just 2 years ago that PW went on a hiring binge (of sorts) to bring in engineers to work on the geared turbofan engine. So while UTC's future is bright, you have this summer's news, where a lot of talent (maybe some of the same hired two years ago) are being let go to make the short-term numbers. It's hard to argue with the strategy from an investor's standpoint, but it's terrible if you're an employee.
I understand, and I'm not convinced hitting short-term targets at all cost is the way to go, but at the same time, it is obvious UTC has been very successful.
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Old 08-14-2013, 07:30 AM
 
Location: Connecticut
25,468 posts, read 41,302,431 times
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Originally Posted by bobtn View Post
I understand, and I'm not convinced hitting short-term targets at all cost is the way to go, but at the same time, it is obvious UTC has been very successful.
This is usually the work of short-sighted accountants who look only at the near term impacts on the bottom line. They cannot see the big picture or understand the long term implications of their moves. This is a big problem with so many major corporations. They lose sight of what the long term goal is. Jay
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Old 08-14-2013, 07:38 AM
 
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The thing I do not get is that UTC has made record profits and revenue this past quarter and yet they are letting people go. It's not just at PW the Sikorsky Plant in Stratford announced layoff earlier this summer. I guess the "short term" is worth more than the long term. Also, in other areas of the economy they are laying people off. Day Piney is laying attorneys off (guess you can argue this is a good thing.. JK). I know the industry I am involved in took a huge hit and with little to no sign of recovery, it just makes you think.
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Old 08-14-2013, 07:50 AM
 
757 posts, read 1,565,477 times
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Originally Posted by Mr_250 View Post
The thing I do not get is that UTC has made record profits and revenue this past quarter and yet they are letting people go. It's not just at PW the Sikorsky Plant in Stratford announced layoff earlier this summer. I guess the "short term" is worth more than the long term. Also, in other areas of the economy they are laying people off. Day Piney is laying attorneys off (guess you can argue this is a good thing.. JK). I know the industry I am involved in took a huge hit and with little to no sign of recovery, it just makes you think.
My guess is that, because UTC is a publicly traded company (Symbol: UTX), that they have to adhere to strict financial performance guidelines in order to meet investor needs. Even in record profit years, they seem aggressive with layoffs and furloughs in order to trim costs when necessary. As JayCT mentioned, this also means steering Accounting principals toward meeting short-term goals.

I always wonder about the longevity of the Sikorsky in Stratford, and the economic and tax impacts on the Town of Stratford if Sikorsky were to leave.
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Old 08-14-2013, 08:55 AM
 
Location: NJ
18,677 posts, read 16,796,358 times
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Originally Posted by JayCT View Post
This is usually the work of short-sighted accountants who look only at the near term impacts on the bottom line. They cannot see the big picture or understand the long term implications of their moves. This is a big problem with so many major corporations. They lose sight of what the long term goal is. Jay
While my heart wants to agree, my head is reminding yours we are seeing record corporate profits. Profits are the goal of a capitalist corporation. So where is objective data showing an issue with this supposed short-sightedness?
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