[Rukh]

Originally Posted by Mr_250

In the last two days, companies with MAJOR presence in CT (UTC and Hallmark) have expanded operations outside Connecticut. UTC will create 380 jobs in Florida and Hallmark will shed 540 jobs. 920 jobs that could have been in CT, gone.

Sad to hear.

Enfield community will hurt from this loss.

It's actually even worse. Supposedly Hallmark's Enfield center was employing 570 people whose jobs will be lost:
Hallmark announces closure of Enfield distribution center - WFSB 3 Connecticut

Granted, what's another 30 jobs when they're being lost by the 100s? The only upside is that some of the layoffs may find jobs at another center in another state, although that takes them out of the state (although these days it almost seems like you've got to go out of the state for any opportunity...).

[JayCT]

Originally Posted by BobNJ1960

I remembered the $400 mill UTC deal when I saw WSJ today. NJ just got 2,150 J P Morgan jobs from NY-just $19 mill for 10 years! Now that's a great deal! If you figure an average of $6k income tax NJ annually (conservative, I know), that is $129 mill recovered during the same time. Great ROI! Maybe Malloy can ask CC how it's done?

I was just reading an article on New Jersey and it is not costing the state only $19 million, it is $190 million. I was also shocked to read that Christie has cut education funding by $1 billion and that the state has an $800 million deficient. Job growth in NJ is among the worst in the country and he canceled one of the states most important transportation projects that would have created thousands of construction jobs and saved thousands of commuters time for generations to come. And you think Malloy is a bad Governor. Jay

[RunD1987]

Heard a rumor most hospitals in the state are taking a 40-60 million dollars cut due to the state budget

[GoHuskies]

Originally Posted by Rukh

It's actually even worse. Supposedly Hallmark's Enfield center was employing 570 people whose jobs will be lost:
Hallmark announces closure of Enfield distribution center - WFSB 3 Connecticut

Granted, what's another 30 jobs when they're being lost by the 100s? The only upside is that some of the layoffs may find jobs at another center in another state, although that takes them out of the state (although these days it almost seems like you've got to go out of the state for any opportunity...).

From the article:

“In recent years, we have made significant improvements in distribution and inventory management practices,” Hall said. “As a result, we can fulfill and ship the required product volume in a timely manner from a single location.”

This reads as if the consolidation move was in the works for some time.

I have a feeling for the reasonable future any and all relocations or closures will be blamed solely on the CT Dems.

[BobNJ1960]

Originally Posted by JayCT

I was just reading an article on New Jersey and it is not costing the state only $19 million, it is $190 million. I was also shocked to read that Christie has cut education funding by $1 billion and that the state has an $800 million deficient. Job growth in NJ is among the worst in the country and he canceled one of the states most important transportation projects that would have created thousands of construction jobs and saved thousands of commuters time for generations to come. And you think Malloy is a bad Governor. Jay

Still a great deal. These jobs have a multiplier effect of around 3 to 1, so given that, the payback is double the cost.

Yes Comrade Malloy stinks. One big job cut announcement after another, no meaningful gains. The next gov will inherit a higher unemployment rate than Malloy started with, once the dust settles in insurance industry and Sikorsky being sold.

[BobNJ1960]

Originally Posted by Mr_250

Depends on many factors.

If a spin-off, they will keep operations here (at least some). Granted, they might scale down, but at least keep some workforce here.

If outright sale (which is what they are pushing for), they will move locations within 3-4 years. The biggest "complaint" from the new CEO is that their profit margin is only 2.9%. And what's the easiest and quickest way to increase profit margin... reduce overhead..cheaper labor.

This will be a huge loss because of the many feeder businesses that feed Sikorsky.

Lockheed Martin said to be nearing Sikorsky purchase - Connecticut Post

[BobNJ1960]

Originally Posted by Beeker2211

I would be surprised if Sikorski gets spun off, much less sold. I think UTC might be seeing what potential buyers *might* pay for it with little actual commitment. Could also be that UTC wants to pivot more to high-tech security government contracts which IMO would be a terrible long term move.

Sale appears imminent. Surprised you, but not me.

[Sigequinox]

Originally Posted by HumpDay

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?

Nap? The politicians in Hartford are comatose and on life support. We need to pull the plug already...oh wait, it's CT, so we'll just wheel their cot into the ER room so the tax payers can continue paying for their mess...

[BobNJ1960]

LMT Income Statement | Lockheed Martin Corporation Com Stock - Yahoo! Finance

Lockheed operating profit 12.3% last year. Sikorsky 2.9%. They will not buy them to reduce their %, so to improve Sikorsky to the same level, they need 858 million profit from Sikorsky, or 658 million in cost cuts at Sikorsky (who made 200 mill last year).

If we assume about 8 headcount cuts per million, 658 mill is about a 5,000 reduction in force.

[Mike 75]

You have to be kidding me.

More Raises Coming For State Government Managers, Totaling $7 million - Hartford Courant