JCB to Reduce Savannah Work Force by 20 Percent

By: Barbara Herring | WSAV-TV
Published: November 13, 2008

In response to the rapid decline in both the global and North American construction equipment markets, JCB announced on Thursday, November 13, 2008 the company will release 120 members (20%) of their workforce in Savannah.

The falling housing market, now hitting a 17 year low, as well as the credit markets making financing more scarce, has caused construction equipment manufacturers in both the US and worldwide to scale back production. JCB Inc. Chairman and CEO, John Patterson, cites these conditions and more immediately, the evaporation of the export business which has all but collapsed caused by the global credit crunch and the rising dollar, as underscoring this decision.

"It is unfortunate that after a steady increase in the workforce following five years of record growth we have to make these tough decisions but we are reacting to the rapidly changing condition and the slowdown in markets around the world," says Patterson. Regrettably these difficult decisions have to be taken to ensure the company remains lean and efficient enough to deal with the downturn and enable JCB to bounce back strongly once the market conditions improve."

Affected workers have been given severance packages as well as outplacement support. The company has also made counseling services available to all team members.

The layoffs will be effective Friday, November 14th.

JCB to Reduce Savannah Work Force by 20 Percent

Share This:

More from this channel:

Reader Comments

Deal of the Day

Most Popular

Links We Like