Companies Downsizing for October 2011

These announchments came in the month of October for company downsizing.

Amgen, the world’s largest biotech company, will eliminate 380 research and development jobs as it restructures operations to focus on drugs in later stages of development. Workers in California, the Seattle area, and the Boston area, as well as several throughout New England are expected to be affected by the layoffs.

Downsizing: 380 – Los Angeles Times October 20, 2011

Royal Philips Electronics, a leading electronics maker best known for its lighting products, will cut 4,500 jobs globally in response to a weak third quarter. Details about the job cuts have not yet been provided.

Downsizing: 4,500 – MSNBC October 17, 2011


Consumer electronics giant Panasonic will scale back its television business, which has been losing money for three years, cutting at least 1,000 jobs in the process. Job cuts will be achieved through early retirement packages.

Downsizing: 1,000 – Japan Today, October 20, 2011


Home improvement chain Lowe’s plans to close 20 U.S. stores and slow its expansion plans as it works to improve sales. Ten stores have already closed and an additional 10 will close in approximately a month, impacting 1,950 jobs in total.

Downsizing: 1,950 – Bloomberg Businessweek, October 17, 2011


British insurance company Aviva will eliminate as many as 950 jobs in Ireland over the next two years as it folds operations into its British division. It’s the largest layoff announcement by a single company in Ireland since 2009 when Dell cut 1,900 jobs.

Downsizing: 950 – Reuters, October 19, 2011


Verso Paper, a leading producer of coated papers, will reduce its annual production capacity by 11 percent and eliminate 300 jobs. Rising costs of raw materials and lower demand have impacted Verso and others in the industry.

Downsizing: 300 – Reuters, October 11, 2011


Checkpoint Systems, a maker of shoplifting protection products, will cut more jobs than expected as part of a restructuring aimed at improving profits. Initial plans called for 204 jobs to be eliminated; Checkpoint has now announced it will cut 1,000 jobs.

Downsizing: 1,000 – Philadelphia Business Journal October 19, 2011



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