effects of immigration

Information about the Effects of Immigration, Outsourcing and Expensive Trade Agreements on Georgia

 

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Another outsourcing company schedules layoffs - Lexmark this time
by Mike Crane

The Bush Administration, various Congressional and US Senate members of both Parties tell us that outsourcing generates more jobs than it sends to foreign countries. But they never explain why outsourcing companies have such a record of steady layoffs.

Now most Americans understand what a layoff is, perhaps many of our politicians who have never held a real job, do not understand.

But they will get the idea if you do not re-elect them the next time they come up for election. We need some political layoffs to end the layoffs of American citizens due to their jobs being sent to foreign countries.

Well back to Lexmark. This company has been investing in foreign jobs and facilities for at least a year - per the Offshore Tracker:

Event Details
Company Lexmark International
Website http://www.lexmark.com/lexmark/site/home/0,6932,204816596_0_0_en,00.html
Sector Computer Peripheral Equipment, Not Elsewhere Classified
Jobs Lost Jobs Offshored Date Location of layoff Offshore location Types of Jobs
data unavailable data unavailable 07/26/2004 Singapore, Malaysia Software / web developer or engineer
source: Asia Computer Weekly

* Estimated, since Jan 1, 2001


Back to list of companies

Source: http://www.techsunite.org/offshore/offshoreevents.cfm?companyID=502

 

So now Americans are being laid off. Of course as President Bush tells us - these are jobs that Americans will not do - Software development, web developer and engineers. What a crock!

Another interesting (most would call it disgusting, but am trying to be polite) pattern is evolving. Company after company are reported as recovering large sums on money, with tax breaks, from foreign countries and then announce layoffs of American workers.

This is noted in the article below:

Results for the latest quarter reflect an expense of $53 million, or 42 cents per share, for repatriating foreign profits under a 2004 law that allows companies to do so at a reduced tax rate.

Excluding that tax expense(?) the company would have had increased profits and revenues and presents a favorable review of expected future earnings. So the company (Lexmark) is not doing the layoffs of American workers due to financial stress.

Instead it is for:

``This adjustment is unfortunate but a necessary part of aligning resources to meet market needs,'' she said.

This is corporate talk for sending American jobs to foreign countries while taking advantage of the US government policies that encourage this type of "aligning resources."

There is a growing conflict in our country between corporate greed and the interests of you, the citizens. Elected officials can only represent one side of such a conflict and thus far have chosen the special interests of corporate greed. It should be obvious to all that this trend can not continue forever. It will be up to you the citizens to determine when it ends.

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Lexmark Q2 profit falls on tax charge; 275 layoffs planned


 

Lexmark International Inc., a leading supplier of printers and related materials, said Tuesday its second-quarter profit fell due to a tax charge and the company announced plans to lay off 275 workers through the first half of next year.

The company's shares fell $7.67, or 11 percent, to $60.88 in afternoon trading on the New York Stock Exchange.

A spokeswoman said most of the layoffs would likely occur at company headquarters in Lexington.

The majority of the affected employees would leave in the current quarter. Lexmark expects the layoffs to result in pretax charges totaling $26 million, including a charge of $13 million in the third quarter that will reduce earnings per share by 8 cents.

On an annual basis, Lexmark expects the job cuts to make $23 million available for reinvestment in the company's strategic initiatives.

For the quarter, Lexmark's net income fell to $79.9 million, or 64 cents per share, from $136.6 million, or $1.02 per share, a year earlier. Results for the latest quarter reflect an expense of $53 million, or 42 cents per share, for repatriating foreign profits under a 2004 law that allows companies to do so at a reduced tax rate. Excluding that expense, earnings would have risen slightly to $1.06 per share, matching the estimate of analysts surveyed by Thomson Financial.

Revenue rose 3 percent to $1.28 billion from $1.25 billion, driven by a 9 percent increase in sales of printer supplies.

In the third quarter, the company expects revenue to grow in the low single digits compared to a year ago, and earnings per share to be 95 cents to $1.05, excluding the charge for the work force reduction. Lexmark said its outlook is cautious ``due to uncertain market conditions and the potential for aggressive price competition.''

Analysts are expecting the company to earn $1.05 per share for the quarter. Third quarter 2004 earnings per share were $1.17, or $1.02 excluding a tax benefit.

About 3,550 of Lexmark's 13,400 employees work in Lexington, spokeswoman Julane Hamon said Tuesday.

Hamon said the company plans to offer some workers the chance to leave their job voluntarily in exchange for some early retirement benefits, severance pay, an extension of medical insurance and career assistance benefits. She said the total layoffs will depend on how many workers sign up for the company's ``voluntary separation'' program.

``Given the size of the site, the majority of the reductions are expected to occur in Lexington although we won't know the final impact until the program is completed,'' Hamon said.

Hamon said the company has hired about 200 people this year in Lexington, mostly in research and development positions.

``This adjustment is unfortunate but a necessary part of aligning resources to meet market needs,'' she said. ``We have continued to make significant investments in (research and development) and advertising and we believe we will be a stronger company as a result.''

Source: http://www.kansascity.com/mld/kansascity/business/technology/12226639.htm

 

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