https://www.emerson.com/en-us/news/corporate/emerson-second-quarter-2020-results
Emerson Just announced an aggressive increase of restructuring actions in the fiscal year (by September 2020) up to 280 million $, 65 million more than previously announced.
But they kept dividend target unchanged
This means more bloody layoffs to come to save money for the stakeholders....
Yea makes sense let's furlough employees instead of dialing back stock repurchases or the divided. It was a joke the execs cut pay since most of their income is derived from, you guessed it, DIVIDENDS! Ever look up how many shares the execs actually own?
Once dividend is assured, stakeholders do not care about how the company is run and which are the social costs of the dividend (unfortunately)
Emerson is not an industrial company
Emerson is a financial company who makes finance through industry
Once the long term perspective of the business is destroyed no problem, the business is sold and a new business is bought
Look at what happened in the last 10 years
Buy a business, cut cost, squeeze, fire high cost people, move activities to low cost country, let experienced professional layoff, and sell the business, then buy a new business
No investment and no interest in skilled people
This is the strategy
Once dividend is assured, stakeholders do not care about how the company is run and which are the social costs of the dividend (unfortunately)
Emerson is not an industrial company
Emerson is a financial company who makes finance through industry
Once the long term perspective of the business is destroyed no problem, the business is sold and a new business is bought
Look at what happened in the last 10 years
Buy a business, cut cost, squeeze, fire high cost people, move activities to low cost country, let experienced professional layoff, and sell the business, then buy a new business
No investment and no interest in skilled people
This is the strategy
This bloody CEO and his gang are destroying the professionals ,joined the company thinking of growth ... None has internal connections to stay on and not getting fired ....Do the share holders know the company is surviving selling spare parts and numbers are fudged !!!’
Please feel free to reach out to our anonymous ethics line to discuss retaliation, s-xual harassment, and our hostile work environment so that we may promptly bury it.
Cue the clock for Emerson to send their lap dog to thumbs down another post
Incidentally the Q2 presentation says the additional restructuring will "impact ~1,100 additional headcount"
Of course the shareholders get theirs. Why wouldn't they, when you have a spineless prick running the show?
Maybe it’s time to look at the cost savings opportunities within the OCE and platform execs
it is going to get ugly
65 million $ more restructuring cost means roughly 700-800 more employees to be fired
Very hard times are coming....