It's about the economy stupid:
John Deere factory in Ontario to close, 800 jobs lost
Updated Tue. Sep. 2 2008 4:18 PM ET
The Canadian Press
WELLAND, Ont. -- Tractor maker Deere & Company (NYSE:DE) is closing its factory in Welland, Ont., and moving the work outside Canada by the end of 2009, costing the Ontario economy another 800 manufacturing jobs.
The Welland factory, one of the city's largest employers, makes utility vehicles and attachments for commercial and consumer equipment and for agricultural uses.
The U.S.-based company says it's consolidating its manufacturing operations to improve efficiency and profits, and the work will be moved to plants in Wisconsin and Mexico.
Deere, makers of the famed green-painted John Deere tractor, announced Tuesday that it will take a US$90 million after-tax hit related to the closure. It said about half of this charge will be recorded in the fourth quarter of this year.
Gator utility vehicles, now made at Welland, will move to Horicon, Wis. Cutting and loading attachments will be transferred to Deere's operations in Monterrey and Saltillo, Mexico.
On the New York Stock Exchange, the company's shares were trading down $1.83 at $68.74.
Tuesday, September 2, 2008
Harper is a like a Deere caught in the headlines.
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5 comments:
So the closure has nothing to do with the Liberal Government's regressive tax system or the fact that workers are making $25. an hour plus unbelievable benefits to screw nuts and bolts together?
No surprise...the ignorant larcenous leprechaun declares he won't change his "screw the average Canadian Joe/Jill" decision ahead of the election.
Treachery, treason, stupidity, etc remain firmly ingrained in the CONServative corrupted cognoscenti.
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Canada's Flaherty stands by tax ahead of election
OTTAWA, Sept 2 (Reuters) - Canada's Finance Minister said on Tuesday he will not revisit his controversial policy to tax income trusts even though the issue may return to haunt him in an upcoming election campaign.
In an interview with Business News Network television, Finance Minister Jim Flaherty was asked whether he might bow to demands of disgruntled investors hurt by the new tax and soften the rules, particularly for energy trusts.
"No, its the law now," he answered.
"I know they're going to target me and I've been told how many millions of dollars they've put aside just to target me in my riding, and I guess that's part of life, but the decision we made was a decision for the good of the country and for future generations," he said.
Flaherty stunned investors in October 2006 with a plan to begin taxing the then C$200 billion ($187 billion) income trust sector as of 2011, breaking a promise of the governing Conservative Party.
A group of angry investors has been lobbying hard against Flaherty ever since and demanding a reversal of the policy. The opposition Liberal Party also opposed the change.
http://www.reuters.com/article/marketsNews/idUSN0244021220080902
anonymous said...
Blah, blah, blah.
That's right, we wouldn't want to pay people a decent wage that they can live on.
Better to have them in the unemployment lines, collecting government benefits, until they run out.
What a TOOL!
It`s only 800 jobs --no big deal.
All of these workers & their families have Commandant Harper & his Lieutenant Jim (I hate Income trust investors) Flaherty to thank.
They did nothing to protect manufacturing in Ontario because they considered Ontario to be a bad place to invest.
Protect the Oil business in the west but as Harper so nicely put it "screw' Ontario.
Thanks boys.
Another job well done.
Mike.
You said it Dr. Mike, perfect and to the point!
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