Still the plan? How about 5000 jobs now with all this recession talk.
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Yes. Still the plan. There is a parts factory in England that supplies us that is getting cut. Official announcement will be this week. So restructuring is still happening.
On Feb 15th, just before the Coronavirus crisis explosion, EMR announced plans to cut 2900 jobs in high cost countries and other 1000 jobs to be moved from high cost countries to best cost countries (which means to fire 1000 more people in high cost countries).
This was announced before the explosion of the crisis, based and a flat revenue scenario, just to cut cost, increase margins and show to the financial community increased dividends, in order to protect the today's organization and the corporate organization (considered by JDShaw hedg fund a no added value and unuseful organization)
In the last month Emerson stocks value dropped 36% from 71.44 USD on Feb 18th to 45.58 USD on Mar 27th.
No forecast on revenue is available at the moment but a revenue reduction in the range -10% / -20% on fiscal year 2020 versus fiscal year 2019 is reasonable, probably conservative (not only for Emerson, most of the company of the world will suffer in 2020).
If the EMR management strategy remains the same (keep margins and dividends increase keeping the today's organization, including the corporate overheads and costs) with less revenue and less gross margins (due to pressure on prices) the only way is to increase the number of high cost countries layoffs.
In this scenario, without a change in strategy, I would expect EMR to fire not less than 8000 white collars jobs in high cost countries.
Not now, since governments are supporting companies with good money and firing people in today's situation would be put under the spotlight by TVs and newspaper, but as soon as the Coronavirus crisis will be over or at least not anymore under the spotlight.
Those who have worked for a little bit with Emerson know very sell that the biggest wastes and no value added jobs are in the corporate, as clearly demonstrated by the JDShaw report in October.
Answer Is very clear: we will cut Jobs and costs in the suburbs of the Empire without touching the Capital city, where the sultans, with their extremely well paid Jobs and company airplanes reside.
No problem if value will be destroyed on a long term perspective and competencies will be lost.
Who matters if people who dedicated bis professional life to a company will are bis life destroyed.
Once squeezed the suburbs the suburbs will be sold for nothing and new far territories to be squeezed will be bought.
Those happened in the pasta and will happen in the future.
Long life to the sultans.
60M in stock buybacks eh
Wut?
Except system group all field devices business units gets integrated into two groups... one measurements and the other final Controi elements All excess employees are expected to go home Only loyalist to CEO will be kept so that when he leaves he can go with all the money for the sacrifice that he did to the company ... all are saying including the share holders as a Deserving salary for his hard work and continued contribution to the values of the share holders ...