Company News
August 24, 2022
Propylene Oxide Implications
OLIN ANNOUNCES CHLOR ALKALI CAPACITY REDUCTION
Aug. 24, 2022 4:05 PM ETOlin Corporation (OLN)
CLAYTON, Mo., Aug. 24, 2022 /PRNewswire/ — Olin Corporation (OLN) announced today that it plans to permanently shut down approximately 225,000 ECU tons of diaphragm-grade chlor alkali capacity at its Freeport, TX facility. The closure is expected to be completed by year end 2022.
“Including this closure, Olin will have rationalized over one million ECU tons of diaphragm-grade chlor alkali capacity in less than two years,” remarked Scott Sutton, Olin Chairman, President, and Chief Executive Officer. “These actions demonstrate our commitment to lift and maintain our ECU values, while developing a more sustainable asset configuration.”
COMPANY DESCRIPTION
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information on Olin.
August 22, 2022
Rogers Foam Expansion
Massachusetts-based foam fabricator expanding into ABQ
By Matthew Narvaiz / Journal Staff Writer
Published: Thursday, August 18th, 2022 at 2:46PM
Updated: Thursday, August 18th, 2022 at 6:55PM
A Massachusetts-based foam fabricator is bringing jobs to Albuquerque in an expansion announced on Thursday.
Rogers Foam, which converts flexible materials for the medical, automotive and bedding industries, is moving into the Albuquerque area to an existing 40,000-square-foot facility at 5154 Edith NE in September. The company plans to hire for 20 jobs at the facility.
The company’s move to New Mexico was partly due to the relationship the company has with Tempur Sealy International — the parent company of Tempur-Pedic — which has operated in Albuquerque since 2007 in an 850,000-square-foot facility on Atrisco Vista Boulevard.
Albuquerque Regional Economic Alliance, an economic development organization with a focus on bringing out-of-state businesses into the region, played a large part in Rogers Foam’s recruitment.
Rogers Foam’s presence in our region have a positive impact on Tempur Sealy, but its non-bedding expertise also lines up with the high value industries that AREA is working to develop in the region,” AREA CEO and President Danielle Casey said. “This is a win for everyone.”The City of Albuquerque’s Economic Development Department and AREA are working with Rogers Foam to help them in getting funding resources through the state’s Job Training Incentive Program. Casey said that development is “very preliminary” and still in the process.
“As they work to recruit, that is going to dictate where those holes are,” Casey said.
Rogers Foam’s headquarters are located in Somerville, Massachusetts, and the company — which has been operational for 75 years — also has a location in Santa Teresa, New Mexico. The company has production locations in four other states and in Mexico.
Erick Johnson of Johnson Commercial Real Estate helped broker the transaction for the leased facility.
https://www.abqjournal.com/2525524/massachusettsbased-foam-fabricator-expanding-into-abq.html
August 22, 2022
Rogers Foam Expansion
Massachusetts-based foam fabricator expanding into ABQ
By Matthew Narvaiz / Journal Staff Writer
Published: Thursday, August 18th, 2022 at 2:46PM
Updated: Thursday, August 18th, 2022 at 6:55PM
A Massachusetts-based foam fabricator is bringing jobs to Albuquerque in an expansion announced on Thursday.
Rogers Foam, which converts flexible materials for the medical, automotive and bedding industries, is moving into the Albuquerque area to an existing 40,000-square-foot facility at 5154 Edith NE in September. The company plans to hire for 20 jobs at the facility.
The company’s move to New Mexico was partly due to the relationship the company has with Tempur Sealy International — the parent company of Tempur-Pedic — which has operated in Albuquerque since 2007 in an 850,000-square-foot facility on Atrisco Vista Boulevard.
Albuquerque Regional Economic Alliance, an economic development organization with a focus on bringing out-of-state businesses into the region, played a large part in Rogers Foam’s recruitment.
Rogers Foam’s presence in our region have a positive impact on Tempur Sealy, but its non-bedding expertise also lines up with the high value industries that AREA is working to develop in the region,” AREA CEO and President Danielle Casey said. “This is a win for everyone.”The City of Albuquerque’s Economic Development Department and AREA are working with Rogers Foam to help them in getting funding resources through the state’s Job Training Incentive Program. Casey said that development is “very preliminary” and still in the process.
“As they work to recruit, that is going to dictate where those holes are,” Casey said.
Rogers Foam’s headquarters are located in Somerville, Massachusetts, and the company — which has been operational for 75 years — also has a location in Santa Teresa, New Mexico. The company has production locations in four other states and in Mexico.
Erick Johnson of Johnson Commercial Real Estate helped broker the transaction for the leased facility.
https://www.abqjournal.com/2525524/massachusettsbased-foam-fabricator-expanding-into-abq.html
August 19, 2022
Wayfair Cutting Back
Wayfair Is Laying Off About 5% Of Its Workforce
by Tyler DurdenFriday, Aug 19, 2022 – 09:00 AM
More layoffs are here, even in the face of the latest super-duper jobs number that we swear doesn’t include people taking on their 2nd or 3rd jobs just to make ends meet and catch up with inflation.
Wayfair has just become the latest in a long line of companies to pare back its workforce, announcing this morning that it was going to cutting its labor by about 5%.
In a Form 8-K filed on Friday morning, the online retailer discussed the layoffs, amidst other cost cutting measures. Wayfair “announced a workforce reduction involving approximately 870 employees in connection with its previously announced plans to manage operating expenses and realign investment priorities.”
The filing continued: “This reduction represents approximately 5% of our global workforce and approximately 10% of our corporate team. Concurrently, the Company is in the process of making substantial reductions in its third party labor costs.
The company said it was going to take “between approximately $30 million and $40 million of costs” in Q3 2022 as a result of the layoffs.
These layoffs come a year after reports that Amazon was planning with a premium service that lets customers opt to have furniture or appliances assembled as soon they arrive at their homes.
Recall, we wrote a piece just days ago helping our readers visualize all of the latest major layoffs at U.S. corporations. We noted that in June 2022, Insight Global found that 78% of American workers fear they will lose their job in the next recession. Additionally, 56% said they aren’t financially prepared, and 54% said they would take a pay cut to avoid being laid off.
In this infographic, Visual Capitalist’s Marcus Lu visualizes major layoffs announced in 2022 by publicly-traded U.S. corporations.
Note: Due to gaps in reporting, as well as the very large number of U.S. corporations, this list may not be comprehensive.
An Emerging Trend
Layoffs have surged considerably since April of this year. See the table below for high-profile instances of mass layoffs.
Layoffs are expected to continue throughout the rest of this year, as metrics like consumer sentiment enter a decline. Rising interest rates, which make it more expensive for businesses to borrow money, are also having a negative impact on growth.
In fact just a few days ago, trading platform Robinhood announced it was letting go 23% of its staff. After accounting for its previous layoffs in April (9% of the workforce), it’s fair to estimate that this latest round will impact nearly 800 people.
https://www.zerohedge.com/markets/wayfair-laying-about-5-its-workforce
August 19, 2022
Wayfair Cutting Back
Wayfair Is Laying Off About 5% Of Its Workforce
by Tyler DurdenFriday, Aug 19, 2022 – 09:00 AM
More layoffs are here, even in the face of the latest super-duper jobs number that we swear doesn’t include people taking on their 2nd or 3rd jobs just to make ends meet and catch up with inflation.
Wayfair has just become the latest in a long line of companies to pare back its workforce, announcing this morning that it was going to cutting its labor by about 5%.
In a Form 8-K filed on Friday morning, the online retailer discussed the layoffs, amidst other cost cutting measures. Wayfair “announced a workforce reduction involving approximately 870 employees in connection with its previously announced plans to manage operating expenses and realign investment priorities.”
The filing continued: “This reduction represents approximately 5% of our global workforce and approximately 10% of our corporate team. Concurrently, the Company is in the process of making substantial reductions in its third party labor costs.
The company said it was going to take “between approximately $30 million and $40 million of costs” in Q3 2022 as a result of the layoffs.
These layoffs come a year after reports that Amazon was planning with a premium service that lets customers opt to have furniture or appliances assembled as soon they arrive at their homes.
Recall, we wrote a piece just days ago helping our readers visualize all of the latest major layoffs at U.S. corporations. We noted that in June 2022, Insight Global found that 78% of American workers fear they will lose their job in the next recession. Additionally, 56% said they aren’t financially prepared, and 54% said they would take a pay cut to avoid being laid off.
In this infographic, Visual Capitalist’s Marcus Lu visualizes major layoffs announced in 2022 by publicly-traded U.S. corporations.
Note: Due to gaps in reporting, as well as the very large number of U.S. corporations, this list may not be comprehensive.
An Emerging Trend
Layoffs have surged considerably since April of this year. See the table below for high-profile instances of mass layoffs.
Layoffs are expected to continue throughout the rest of this year, as metrics like consumer sentiment enter a decline. Rising interest rates, which make it more expensive for businesses to borrow money, are also having a negative impact on growth.
In fact just a few days ago, trading platform Robinhood announced it was letting go 23% of its staff. After accounting for its previous layoffs in April (9% of the workforce), it’s fair to estimate that this latest round will impact nearly 800 people.
https://www.zerohedge.com/markets/wayfair-laying-about-5-its-workforce
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