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Economy
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Title: Imation to close plant in Okla, cutting 115 jobs
Source: WXOW
URL Source: http://www.wxow.com/Global/story.asp?S=13870666
Published: Jan 20, 2011
Author: ap
Post Date: 2011-01-20 12:57:10 by Happy Quanzaa
Keywords: Obamanomics in Action
Views: 2617
Comments: 1

WEATHERFORD, Okla. (AP) - Imation Corp. says it is closing its magnetic tape coating plant in Weatherford by April 2011.

The company says that about 115 jobs will be cut, mostly in manufacturing operations. Imation says it will maintain its research, development and engineering facility at its Oakdale, Minn., headquarters.

Imation President and CEO Mark Lucas says in a statement that the decision to close the Oklahoma facility "is a difficult but necessary step" as the company tries to improve its operating efficiency and optimize its magnetic tape business.

He says the company will provide "financial assistance and outplacement support" to employees who will lose their jobs.

U.S. Sen. Jim Inhofe, R-Okla., says in a statement that "it will be important to find a new tenant" for the Imation building in Weatherford.

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#1. To: Happy Quanzaa (#0)

According to the U.S. Census Bureau, overall shipment values for the industry declined from $4.7 billion in 1997 to $3.2 billion in 2000 and $2.1 billion in 2001. By category, significant declines occurred for magnetic computer disks less than 5.25 inches, which fell from $737.6 million in 2000 to $140.6 million in 2001. Optical disk shipment values also declined, from $586.3 million in 2000 to $377.3 million in 2001. During the same time, cassette tapes for audio use declined from $154.5 million to $93.1 million, while 8mm and half-inch videocassette vales fell from $304.0 million to $189.3 million. U.S. manufacturers' capital investment levels also declined, falling sharply from $439.9 million in 1997 to $261.3 million in 2000.

Well, [war's] got to do something for attention, his multiple personalities aren't speaking to him any more, and his imaginary friends keep finding excuses not to come over.

Rudgear  posted on  2011-01-20   14:33:58 ET  Reply   Trace   Private Reply  


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