Sponsored by Oregon Business

Mergers don’t help Oregon employment

| Print |  Email
Monday, December 01, 2008

STATEWIDE The sales of Tektronix and Longview Fibre were two of the biggest merger and acquisition deals cut in the Northwest in 2007, worth a combined $5 billion. They may have generated some nice bonuses around Portland, but they haven’t done much for the region’s employment forecast.

Tektronix’s recent elimination of 150 jobs is the latest in a string of downsizings to hit the Beaverton stalwart since it was sold to Danaher Corporation for $2.8 billion in October of 2007. The new owners had already cut10% of jobs companywide through the first three quarters of 2008.

Similarly, Longview Fibre of Southwest Washington has cut more than 300 jobs since being purchased for $2.15 billion by private equity investor Brookfield Asset Management.

So who will be next to cut jobs from afar? If the trend holds with recently purchased businesses, it will be the company formerly known as Oregon Steel, sold to Evraz Group and billionaire Russian Roman Abramovich for $2.3 billion in January of 2007.

The mill has performed well since being sold to the Russians, expanding rather than contracting. That was before the global slowdown, and the precipitous plunge of the Russian stock market. The other Russian giant to invest heavily in U.S. steel interests, Severstal, owned by a different billionaire oligarch, cut 800 jobs in October in West Virginia. Can Oregon expect similar treatment?

Evraz did not respond to emailed questions about its Oregon operations.

BEN JACKLET


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

 

More Articles

Get on the bus!

April 2015
Thursday, March 19, 2015
BY APRIL STREETER

How the private sector can ride the next transit revolution.


Read more...

10 Twitter highlights from #OR100Best

The Latest
Friday, February 27, 2015
100bestBY OB STAFF

Oregon Business held its  22nd annual 100 Best Companies to Work For in Oregon celebration Thursday night in the Oregon Convention Center.


Read more...

4 highlights of the MLS labor deal

The Latest
Wednesday, March 04, 2015
timbersthumbBY JACOB PALMER | OB DIGITAL NEWS EDITOR

On Wednesday night, a couple days ahead of the 2015 season kickoff, Major League Soccer and the Players Union reached an agreement.


Read more...

Are wolves good for business?

Contributed Blogs
Friday, March 06, 2015
030615-wolf-thumbBY JEFF DELKIN | OP-ED CONTRIBUTOR

As a local business owner, I believe it’s important to build our economy on a platform of conservation values.  


Read more...

How a Utah-based essential oils company cornered the Oregon market

March 2015
Friday, February 20, 2015
BY AMY MILSHTEIN | OB CONTRIBUTOR

Multilevel marketing, health claims and zyto scanner biofeedback machines: How dōTERRA thrives in Oregon. 


Read more...

Game On

March 2015
Wednesday, February 25, 2015
BY LINDA BAKER | OB EDITOR

The big news at Oregon Business is we’re getting a ping pong table. After reading the descriptions of the 2015 100 Best Companies to Work For in Oregon, a disproportionate number of which feature table tennis in the office, I decided it was time to bring our own workplace into the 21st century. It was a tough call, but it’s lonely at the top, and someone has to make the hard decisions.


Read more...

2015 100 Best companies announced

The Latest
Friday, February 27, 2015
IMG 0022cneditBY OB STAFF

The 100 Best list recognizes large, medium and small companies for excellence in work environment, management and communications, decision-making and trust, career development and learning, and benefits and compensation.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS