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

Oregon Business expands events portfolio

The Latest
Friday, March 27, 2015
htctfacebookBY OB STAFF

New events series brings magazine to life.


Read more...

5 questions for inDinero CEO Jessica Mah

The Latest
Tuesday, March 31, 2015
jessicathumbBY JACOB PALMER | DIGITAL NEWS EDITOR

inDinero, a business that manages back-office accounting for startups and smaller companies, recently announced it would relocate its headquarters from San Francisco to Portland. We talked to CEO Jessica Mah about what drew her to Portland and how she plans to disrupt the traditional CPA model.


Read more...

The 100 Best Companies to Work For in Oregon

March 2015
Thursday, February 26, 2015
BY KIM MOORE | OB RESEARCH EDITOR

Employment in Oregon is almost back up to prerecession levels — and employers are having to work harder to entice talented staff to join their ranks. This year’s 100 Best Companies to Work For in Oregon project showcases the kind of quality workplaces that foster happy employees. 


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...

European Vacation

Guest Blog
Thursday, April 23, 2015
norristhumbBY JASON NORRIS | GUEST BLOGGER

There are winners and losers with a strengthening U.S. dollar.


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...

Courtside

April 2015
Thursday, March 26, 2015
BY JACOB PALMER

Power lunching at the Court Street Dairy Lunch in Salem.


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