AM I NEXT? NO LOVE AT AMTECH SYSTEMS

Am I Next? No love at Amtech Systems - Layoffs.

Tempe, Arizona-based Amtech Systems, a manufacturer of production equipment for the solar. LED, and semiconductor industry has announced that its restructuring plan for its solar division will result in approximately 40 layoffs. The decision was said to be drive due to challenges in the company’s solar business even as the government and media stress “green” technologies will result in more jobs.

In reality, it appears that the reduction in force is tied to an abysmal net loss of $9 million in the fiscal fourth quarter with $7 million of the loss was attributable to non-cash charges related to goodwill and intangible assets related to the company’s solar business.

According to J.S. Whang, the Executive Chairman of Amtech replacing its current CEO Fokko Pentinga, stated “The [Restructuring] Plan is to better align our workforce with the current needs of our business and enhance our competitive position for long-term success. We continue to develop our core technologies to ensure we are best positioned to be the supplier of choice in the marketplace.We look forward to continuing to prudently invest in the long-term profitable growth of the company."

Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you wondering, Am I Next?

NO LOVE AT FORD (UPDATED)

Am I Next? Temporary Mass Layoffs at Ford F-150 Assembly Plants

FEBRUARY 5, 2019 — 1,000 EMPLOYEES LAID OFF IN FLAT ROCK, MICHIGAN

Ford Motor Company has announced the layoff of at least 1,012 employees in its Flat Rock, Michigan assembly plant which builds the Lincoln Continental and Ford Mustang. The plant will move to a single shift in the coming months.

According to a company spokesperson, the decision is part of the ongoing restructuring of Ford and is part of a “re-balancing of production” at some of the domestic plants.

Original post…

Ford Motor Company has halted the production of its iconic F-150 pickup trucks at its Kansas City Assembly plant due to a fire at one of its sole-source vendors. Approximately 4,000+ employees were temporarily laid-off through no fault of their own when a fire hit Meridian Lightweight Technologies plant in Easton Rapids, Michigan. The layoffs may extend to other assembly plants affected by a lack of critical components required to assemble the vehicles.

It appears that approximately 2,700 employees were also temporarily idled at the Louisville, Kentucky facility. .

While Ford may pay partial salaries and other assistance may be available, this type of unexpected incident leading to income disruption should serve as a warning for all employees to begin to build a personal emergency fund to help ease any temporary loss of income. 

Are you asking yourself, Am I Next?