Ripples from the troubled automotive manufacturing industry have found their way to Auburn as a major employer this week laid off 36 workers.
TRW Automotive, a global auto component maker that operates a plant at Cranebrook Drive in Auburn, informed the affected workers - all hourly employees -- about the job cuts Wednesday night.
The move was driven by the weak automotive retail market in North America, said John Wilkerson, a spokesman from the company’s headquarters Livonia, Mich.
“It’s just in response to customer demand,” he said. “Our customer base in North American continues to cut production.”
Similar employment level reductions have taken place in other TRW facilities, Wilkerson said. The company looks at the cuts as temporary layoffs, but when the jobs are brought back depends on the automotive industry turning around.
TRW’s finances have struggled in recent months. Two Wall Street analysts have downgraded their rating on the company stock this year. It closed trading on the New York Stock Exchange Thursday at $16.61 per share, well below its 52-week high of $36.82.
The news of layoffs at a major local employer is the latest blow for the Cayuga County job market, which has seen unemployment levels increase over the previous year for seven straight months.
The county unemployment level in June of 5.1 percent was up from 4.1 percent in the same month in 2007.
The move was driven by the weak automotive retail market in North America, said John Wilkerson, a spokesman from the company’s headquarters Livonia, Mich.
“It’s just in response to customer demand,” he said. “Our customer base in North American continues to cut production.”
Similar employment level reductions have taken place in other TRW facilities, Wilkerson said. The company looks at the cuts as temporary layoffs, but when the jobs are brought back depends on the automotive industry turning around.
TRW’s finances have struggled in recent months. Two Wall Street analysts have downgraded their rating on the company stock this year. It closed trading on the New York Stock Exchange Thursday at $16.61 per share, well below its 52-week high of $36.82.
The news of layoffs at a major local employer is the latest blow for the Cayuga County job market, which has seen unemployment levels increase over the previous year for seven straight months.
The county unemployment level in June of 5.1 percent was up from 4.1 percent in the same month in 2007.
The Citizens' Say
There are 4 comment(s)
AJ wrote on Jul 28, 2008 5:55 PM:
" And you do everything possible to keep the union out of the businesses here. "
Yep. Let's make it possible for the businesses to pay minimum wage so that they will flock here. That's a great idea. We just need to make sure they'll help their workers apply for social services and food stamps like Wal-Mart. "
Andy b wrote on Jul 25, 2008 10:02 AM:
Andy b wrote on Jul 25, 2008 10:00 AM:
horseradish wrote on Jul 25, 2008 8:27 AM: