The 2020 Mid-Year Economic Update_long

Day: March 1, 2009

Timken To Streamline Operations

The Timken Company, Canton, OH, is realigning its organization to improve efficiency and reduce costs. As the company streamlines its operating structure, it expects to cut its salaried workforce by up to 400 positions in 2009.
 
Over the past 15 months, the company has lowered production and cut its manufacturing workforce by approximately 2,500 positions. Other steps, such as short work weeks and reduced operating hours, have been taken to better align output to demand.
 
We are taking actions to align our organization for effectiveness and to right-size our cost structure to increase our competitiveness in today's global markets, said James W. Griffith, president and CEO. "Our focus now is to align our administrative and sales functions ...

Arrow Electronics To Name Long CEO

The board of directors of Melville, NY-based Arrow Electronics, Inc. will name Michael J. Long CEO at the company's annual meeting on May 1, 2009. Long will replace William E. Mitchell, who has held the post since 2003.
 
An 18-year veteran of Arrow, Mr. Long has served as president, COO and a director of the company since March 2008, with responsibilities for all of the company's business operations.
 
Mike's commitment to driving profitable growth and talent development and his outstanding record of achievement have been critical to Arrow's strong financial and market position, Mitchell said. "His solid leadership in our global operations and success in delivering on Arrow's strategic initiatives will ensure ...

Manufacturing Contracts in February

The manufacturing sector contracted again in February, according to the latest Manufacturing ISM Report on Business from the Institute for Supply Management.
 
ISM reported: "Manufacturing continues to decline at a rapid rate ... While production has slowed its rate of decline, employment continues to fall precipitously. Prices continue to decline, but price advantages are not sufficient to overcome manufacturers' apparent loss of demand. Survey respondents appear generally pessimistic about recovery in 2009. Some express hope that the stimulus package will help their industry."
 
None of the 18 manufacturing industries in the survey reported growth.
 
A transportation equipment manufacturer said that customers are being cautious about ordering ...

Allied Motion 2008 Sales Up 2%

Allied Motion Technologies Inc., Denver, CO, sales for 2008 of $86 million, an increase of 2% over 2007. Profit increased 21% to $2.9 million.
 
During the fourth quarter, sales were $17.6 million, down 17% from the prior year period. Profit was $280,000, compared to $648,000 during fourth quarter 2007.
 
While we were able to achieve continuous improvements in sales and profit through our third quarter, the economic downturn caught up to us in the fourth quarter resulting in a drop in sales and profit compared to last year and to the third quarter, CEO Dick Smith said. "We have and will continue to take actions to try and mitigate the adverse effects this economic downturn has on the Company. While the economy is down, we will continue to ...