Cooper Lays Off 40 More in King's Lynn

Resource from: CBCC Likes:2931

Mar 22,2010

Cooper Roller Bearings Group (UK, website; a division of Kaydon Corp., USA; 5251R9N7) revealed another 40 employees have been laid off from the King's Lynn manufacturing location, in the company's third round of cutbacks this year. The first round of layoffs, 10 in March, was accomplished entirely through early retirements and voluntary layoffs. A second round, 20 in May-June, reportedly did not offer early retirement and was only partially successful in attracting voluntary layoffs -- leaving some mandatory layoffs. This latest round of layoffs cuts another 40 workers, and has no voluntary component. Approximately 200 people remain at the King's Lynn manufacturing and headquarters location. Founded in 1907, Cooper is the world's leading manufacturer of split mounted roller bearings. The company said continued worldwide weakness in its target industrial markets is behind the declining demand and layoffs, a situation not expected to improve in the near term. Until recently, Cooper had been growing quickly and expanding to ease capacity restrictions -- making this year's pullbacks all the more painful. During its centenary celebration in 2007, Cooper had revealed plans to hire as many as 120 more workers after investing more than £1 million in plant and equipment. Cooper's proprietary split roller bearings are used in several industries which performed well in recent years but were also hard-hit in the economic turndown -- power generation, steel manufacturing, mining, oil and gas exploration, cement mixing, heavy conveyors, quarrying, and marine. A Cooper spokesman said: "There are early signs that confidence is now returning to the global bearing market and conditions are stabilizing."

()

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Federal-Mogul President and CEO Extends Employment Agreement
Next BSA Conference Table Participation is Growing

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.