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Old 07-09-2015, 12:28 PM
 
Location: Connecticut
34,933 posts, read 56,945,109 times
Reputation: 11228

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I did not see anyone mentioning this but it looks like Sikorsky is being sought by Textron and Lockheed- Martin. Be interesting to see what happens. The article notes that the company does well. What I get angry at is that UTC feels it is just not well enough. Typical corporate shortsightedness IMHO. Jay

Lockheed Martin, Textron said to be top contenders to buy Sikorsky - Connecticut Post

 
Old 07-09-2015, 02:05 PM
 
2,695 posts, read 3,490,263 times
Reputation: 1652
Quote:
Originally Posted by JayCT View Post
I did not see anyone mentioning this but it looks like Sikorsky is being sought by Textron and Lockheed- Martin. Be interesting to see what happens. The article notes that the company does well. What I get angry at is that UTC feels it is just not well enough. Typical corporate shortsightedness IMHO. Jay

Lockheed Martin, Textron said to be top contenders to buy Sikorsky - Connecticut Post
According to stockholders meetings, the profit margin is extremely low. Something like on $7B in revenue they had a profit of $200m (from what I recall).

From other articles it sounds like they are leaning more towards an outright sale rather than a JV. Which would stink. Good for taxes, but bad for economy. Textron builds all the V and Bell Helicopters in Texas. You can bet Sikorsky will follow. I love how the politicians make it sound like they will stay here. They just laid 800 people and closed a shop, they also just laid off 60 people in Windsor. UTC has no loyalty to CT anymore. The stockholders are they only ones they care about. You can bet, if bought, they will move.
 
Old 07-09-2015, 04:33 PM
 
Location: Ubique
4,317 posts, read 4,206,586 times
Reputation: 2822
Quote:
Originally Posted by Mr_250 View Post
UTC has no loyalty to CT anymore. The stockholders are they only ones they care about. You can bet, if bought, they will move.
You seem disappointed as if UTC is supposed to exist for politicians' benefit of taxing them, and spreading their money around to voters.

It's like being disappointed why CT does not have palm beaches, and a NY-size city.

Corporations exist only for one purpose: ROI for stockholders. They are what they are and are not what they are not.
 
Old 07-09-2015, 05:38 PM
 
34,053 posts, read 17,064,521 times
Reputation: 17212
Quote:
Originally Posted by JayCT View Post
I did not see anyone mentioning this but it looks like Sikorsky is being sought by Textron and Lockheed- Martin. Be interesting to see what happens. The article notes that the company does well. What I get angry at is that UTC feels it is just not well enough. Typical corporate shortsightedness IMHO. Jay

Lockheed Martin, Textron said to be top contenders to buy Sikorsky - Connecticut Post

Sikorsky was UTC's lowest operating profit % last year. .
 
Old 07-09-2015, 05:40 PM
 
34,053 posts, read 17,064,521 times
Reputation: 17212
Quote:
Originally Posted by Mr_250 View Post
It looks like Anthem and Cigna are back at the table. CNBC: Progress Reported In Anthem-Cigna Merger Talks - Hartford Courant

This time Anthem will get a deal. They will purchase Cigna and at a reduced rate because of the Aetna deal. Two outcomes are possible:

1) If the CEO of Cigna is going to run the combined company CT will be a major victor in that outcome. He lives in CT and doesn't want to leave.
2) If Anthem CEO runs it we can see a consolidation of 1000's because they will not move people here.

A deal will be made, whoever the board picks to run the new company will have a choice on location. Up in the air, but Hartford should hold on.
Either way, a ton of jobs lost due to efficiencies (a/k/a as "synergies"). Most likely at both corps.
 
Old 07-09-2015, 05:42 PM
 
34,053 posts, read 17,064,521 times
Reputation: 17212
Quote:
Originally Posted by Henry10 View Post

Corporations exist only for one purpose: ROI for stockholders. They are what they are and are not what they are not.
Amen. Be the state to maximize that ROI, and you'll have earned the right to keep the jobs in Ct.
 
Old 07-09-2015, 07:25 PM
 
Location: Atlanta, GA - Seattle, WA - Manila, PH
457 posts, read 905,104 times
Reputation: 569
I just received word that my old distribution center in Stratford is closing, no real surprise, but still it was my baby and my only reason for moving from Texas to CT. The company is moving most of the work to other plants in Arizona and Florida, and will open a much smaller facility in Middletown to support local customers. Frankly, the plant location never made sense - I never understood the concept of opening a critical facility so close to the ocean, crapy weather, and supported by a cranky, entitled New England workforce. Apparently, my old employer finally had enough of CT. Oh well, life moves on...

P.S. Life in Georgia is good!
 
Old 07-09-2015, 07:47 PM
 
Location: USA
2,753 posts, read 3,312,539 times
Reputation: 2192
Quote:
Originally Posted by Dallascaper View Post
I just received word that my old distribution center in Stratford is closing, no real surprise, but still it was my baby and my only reason for moving from Texas to CT. The company is moving most of the work to other plants in Arizona and Florida, and will open a much smaller facility in Middletown to support local customers. Frankly, the plant location never made sense - I never understood the concept of opening a critical facility so close to the ocean, crapy weather, and supported by a cranky, entitled New England workforce. Apparently, my old employer finally had enough of CT. Oh well, life moves on...

P.S. Life in Georgia is good!
How many jobs are being lost? That's pretty sad. The company i work for might go down the same path except we'd move to either Virginia or Texas. If we do move then that means another 200 jobs will be lost. Enfield just lost 500+ jobs a few days ago since Hallmark announced its plan to move those jobs out of state. Will the politicians in Hartford wake up from their nap?
 
Old 07-09-2015, 08:22 PM
 
Location: Atlanta, GA - Seattle, WA - Manila, PH
457 posts, read 905,104 times
Reputation: 569
Quote:
Originally Posted by HumpDay View Post
How many jobs are being lost? That's pretty sad. The company i work for might go down the same path except we'd move to either Virginia or Texas. If we do move then that means another 200 jobs will be lost. Enfield just lost 500+ jobs a few days ago since Hallmark announced its plan to move those jobs out of state. Will the politicians in Hartford wake up from their nap?
The press release mentioned 32 jobs lost, and the rest moved to Middletown. The Stratford headcount has been dropping for several years, and this is a pattern that has been going on for years. We bought a company on Long Island a few years ago, moved their business to Florida and threw at least 50 people out of work. I noticed that good-paying manager jobs in our plant were not being back filled as long as 3 years ago, which was my clue that it was time to move on. Of course, when I left the company last year, my position was not back-filled.

The plant closing is not a huge impact on the local economy. Still, I am bummed out. To my knowledge, we were the first distribution center in the world to pass the UTC Supplier Gold lean assessment, and I had hoped that our lean initiatives were enough to keep the plant viable. Guess that was a waste of time...
 
Old 07-09-2015, 09:35 PM
 
2,695 posts, read 3,490,263 times
Reputation: 1652
Quote:
Originally Posted by Henry10 View Post
You seem disappointed as if UTC is supposed to exist for politicians' benefit of taxing them, and spreading their money around to voters.

It's like being disappointed why CT does not have palm beaches, and a NY-size city.

Corporations exist only for one purpose: ROI for stockholders. They are what they are and are not what they are not.
Not all. I'm a stockholder in both utc and Ge!
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