There has been no PR on any layoffs at Ferro. It's very unlikely that Ferro can navigate this downturn without cutting jobs by at least 5%.
BTW, Dow cut jobs by 11% which should be a guideline for current Ferro management.
Can Ferro be far behind? My guess is that Ferro cuts jobs by 10%.
If Ferro management can avoid layoffs, that will be a major plus for them.
I believe that Ferro is in a precarioius position and will wait until it is too late for job cuts to be effective.
They like to put head in sand and hope nobody notices. Once one division cuts, the remaining management will come out of the woodwork begging to slash and burn everything (IMHO).
The problem is that all areas need cuts and it is too difficult to pull off...so the common denominator is to hide under the desk and wait until Jim notices that he looks like crap.
Not very proactive...but I love the positivity (it makes the world go round you know)
Yes, Ferro has started layoffs & a couple of plants have shut down . Since the begining of Dec, the Evansville ,In plant has laid off close to 100 people. My job being one of them , They started out with the people who had 30 yrs or more & went down the list. Its really not looking to good for the company! Every since the death of hector ,The company has been mishandled!
It's time to BUY!!!!
Read my old post.
I will buy the crap out of this at $5 and change and sell at $6 and change with the OBAMA bump.
Then I will dump it like a hot potato and re-buy after new low (listening out there..new low!)
Then sell just short of $6 on hype and never, ever (ever) look back...as me thinks they will be out of ammo for good.
I remember back in the day that Ferro Vista used to be real conservative when it came to staffing. They hired just what was needed. In the 11 years I worked there, there wasn't a single lay off.
I'm sure that Ferro has taken the obvious measures like zero OT, cut travel, froze everyones P-cards, attemp to go to net 90 with their vendors.
I still have a lot of friends there. Out of all the devisions to be working for, Electronic Materials is the one I would want to be working at right now. I wish them the best.
Layoffs in the US are easy and cheap. Its a no-brainer to go there first even though its a US company. The main problem is in Europe. Over staffing, over paid with either very strong local laws, making it extremely expensive to lay-off workers or a majority of senior staff on 2 or 3 year contracts. And they invested even more in Europe on commodity based products...great strategy!!
Gee, I worked for electronic materials (if you can call it that). They mostly make old tech and crappy copies of ASIAN materials.
That's right, I said it.
...and some of their biggest customers are even worse off in their markets.
I can tell you with all honesty that their workers are sub-par for the electronics industry and that is exactly why I think they will fail miserably.
I doubt they can even sell the division. If they do, then they might as well be a mom and pop company that sells mexican tile or pretty toaster-coating material on E-Bay.
Although Ferro is the greatest tax write-off in history.
"On jan 16 when me & 17 others were laid-off,they informed us there would be no severance . Plus took the vacation we had all ready accrualed for years of service.I had 12 years of service"
I don't believe it. The Ferro story gets crazier by the day. Why will they not pay severance to a worker of 12 years? And it is illegal to not pay accrued holidays. They are not only being totally stupid but breaking the law too, IMO.
"under U.S. federal law, an employee whose employment terminates generally must receive compensation for any accrued but unused vacation time." (wiki)
You should at least email your congressman and senator with your story and attach Kirsch's new severance agreement which was filed with the SEC just a few days before your layoff (Jan 7 2009). Furnish a copy of the change in control agreement in which Kirsch gets 18 times his base salary:
Also, apart from the new change in control agreement, "Mr. Kirsch's severance multiple was increased from two times his base salary and target bonus to three times to reflect Mr. Kirsch's position as Chief Executive Officer".
Incompetent, crony management who have decimated this company get golden parachutes, and workers who have been much longer with Ferro get the steel boot.
Yeah, you got something. Typical of Corporate America. Instead of paying a severance like they should, they instead pay high salaries to Management in Evansville who does not know squat about people or the business in general. Ferro has dug themselves in a hole and it looks they are covering in the hole themselves. They want people there for less money than the good people that were there and are still there. They will weed them out one by one and by any means. Too many yes men. Still the same, too many Chiefs and not enough Indians.
Yes, you do need a union if you are working for Ferro, be prepared for a fight,but you can do it, we did! Still have our 401k match, no furloughs,no wage freeze,no unjust punishment.
The last three layoffs before mine they got severance. They received one week 4 every year of service ,plus two additional weeks .On jan 16 when me & 17 others were laid-off,they informed us there would be no severance . Plus took the vacation we had all ready accrualed for years of service.I had 12 years of service......We all really thought we would get something!
Sounds like we all need to get an attorney. I do believe the last group of people layed off will never be called back. That is why they layed them off to not compensate them for all of the hard work and service that they brought to Ferro. The management team in place now is nothing but a bunch of goof offs that have not one clue about the plastics business. This team in Evansville could not manage a lemonade stand Cut, whack, slap and cut again. Oh, it's Ok for Kirsch to compensate himself and his Managers in Cleveland. Like the old same song and dance, the rich get richer and the poor get poorer. Should had a union in Ferro Evansville. Still not too late to get one going for the rest of the employees. I am sure it would be voted in. The union plants at Ferro did not have all of this crap going on. Sure they had layoffs but it was done with seniority. Vacations still in place also with the union shops.