NO LOVE AT SYMANTEC

 Am I Next? Symantec layoffs.

Mountain View, California-based Symantec Corporation, the world’s leading cybersecurity company, has announced it will restructure and reduce its workforce by as much as 8 percent.  Symantec had approximately 11,800 employees in December 2017 and an 8 percent reduction would appear to be up to 944 employees.  In a recent conference call, Symantec’s CFO Nicholas Noviello said that the company plans to record $50 in restructuring costs associated with the reduction-in-force.

 Am I Next? Activist Investor at Symantec. 

One can only wonder if the changes are being driven by an activist investor, in this case, New York-based hedge fund Starboard Value, LP whose current position is 5.8% of Symantec. The hedge fund is demanding operational improvements to unlock shareholder value and seeking to replace five board members. They claim that the new board members can help Symantec resolve accounting discrepancies brought to light by an employee.

It appears that a Symantec employee has lodged credible allegations regarding Symantec’s historical financial records. The company has notified the Securities and Exchange Commission engaged an independent law firm to investigate. Already the vultures are flocking as one law firm is advertising for Symantec shareholders and has said it was “preparing a class action lawsuit to recover losses suffered by Symantec investors.” 

It appears that Symantec’s core business of supplying anti-virus software to companies and individuals may take a significant hit when users switch to cloud-based solutions where the anti-virus and anti-malware is the responsibility of the service provider and the user’s only interaction with the cloud is with a relatively safe and secure browser.

Are you wondering, Am I Next?
 

AM I NEXT? NO LOVE AT BALL CORPORATION & ANCHOR GLASS

 Am I Next? Ball Corporation closing plants, mass layoffs.

Broomfield, Colorado-based Ball Corporation, originally known for its production of home-canning jars,  has announced that it would be laying off 85 employees at Longview, Texas facility.

In an August 2017 announcement, the company noted that they will be ceasing production at its facilities in Longview, Texas, Birmingham, Alabama (91 employees), and Chatsworth, California (118 employees). 

The Ball Corporation is undergoing a restructuring and other domestic and foreign plants are being closed. The company continues to expand its beverage and food container business while diversifying into other areas such as aerospace systems and aviation electronics.

Collateral Damage?

 Am I Next? Anchor Glass Container Layoffs

Tampa, Florida-based Anchor Glass Container Corporation, a subsidiary of Amsterdam-based BA Glass B.V., has announced that it will be shutting down one of its two glass furnaces and laying off 150 employees at its Warner Robbins, Georgia facility to compensate for a decline in sales following a reduction of orders from a major customer. The future of the plant is uncertain, and the company recently announced the closing of its Zanesville, Ohio facility which produces glass molds for their other production plants which support iconic brands such as Snapple, Pabst, Dr. Pepper, Captain Morgan and Ball jars. An additional 70 workers at the Zanesville facility will be laid off.

Are you wondering, Am I Next? 


 

AM I NEXT? NO LOVE AT NASSCO - GENERAL DYNAMICS

 Am I Next? Accident forces mass layoffs at NASSCO division of General Dynamics.

The shipbuilding and maintenance industry is in a severe multi-year slump. So it should come as not surprise that the NASSCO (National Steel and Shipbuilding Company) division of Falls Church, Virginia-based General Dynamics has sent layoff notices to approximately 1,500 workers as a warning of possible job loss. However, the most immediate layoff was caused by an unpredictable accident and may result in 350 actual layoffs, including 129 welders, 85 electricians, 84 painters and 82 pipe fitters resulting from accidental damage to a dry-dock facility. 

It appears that the July 11, 2018 accident affected a cofferdam that keeps water out of the dry-dock area and the subsequent flooded area impacted a 70,000-ton military ship under construction with 4,000,000 gallons of water. The accident caused will cause a construction delay and push-back the fulfillment of the next contracted project, hence the layoffs. 

The company owns and operated three shipyards including Norfolk, Virginia, Mayport, Florida, and the largest full service shipyard on the West Coat in San Diego, California. The company designs, builds, outfits, and maintains ships for both military and commercial customers. And, an increase in military business is anticipated as the Trump Administration reinforces existing  military capabilities and adds additional projects to its build-out list. 

Are you wondering, Am I Next?