Home Back Issues December 2008 Mergers don’t help Oregon employment

Mergers don’t help Oregon employment

| Print |  Email
Archives - December 2008
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

Small business sales go big

March 2014
Tuesday, February 25, 2014

BY BRANDON SAWYER

Sales of small businesses surged in 2013 according to the biggest Internet marketplace of such transactions, BizBuySell, increasing to 7,056 reported sales, a 24% increase over 2012, when they dropped 7%. Portland Metro sales tracked by the site grew 9% to 73, capping three years of solid growth. On top of that, Portland’s median sale price jumped 67% to $250K, versus just 13% to $180K nationally. Portland was one of just six metros tracked where the median sale price matched the median asking price, with sellers getting, on average, 92% of what they asked.

BTNMarch14 tableBTNMarch14 line


BTNMarch14 piePDXBTNMarch14 pieUSA


Read more...

How to handle the unexpected

Contributed Blogs
Friday, March 28, 2014
03.28.14 thumb disasterBY TOM COX | OB BLOGGER

The next mysterious (or disastrous) event could be one that you or your team might suddenly need to respond to, probably under intense scrutiny.


Read more...

Eking out a living

News
Tuesday, April 08, 2014
04.08.14 thumb ourtable-coopfarmsBY HANNAH WALLACE | OB BLOGGER

It may be obvious, but most farmers don’t make a lot of money. According to preliminary data from the 2012 Agriculture Census, 52% of America’s 2.1 million principal farm-operators don’t call farming their primary occupation. Farm cooperatives may offer a solution.


Read more...

How to help your staff solve their own problems

Contributed Blogs
Friday, March 21, 2014
03.21.14 thumb coxcoffeeTOM COX | OB BLOGGER

During a recent talk to HR Directors, I asked if they saw leaders trying to solve every problem, instead of delegating to and empowering staff. Every head nodded. Every single one.


Read more...

Rapid ascent

March 2014
Tuesday, February 25, 2014
IMG 4255-2BY AMY MILSHTEIN

Kelly Dachtler, president of The Clymb, redefines outdoor retail.


Read more...

From the Editor: The human factor

March 2014
Tuesday, February 25, 2014

In this issue, we celebrate our 21st annual 100 Best Companies to Work For in Oregon project.


Read more...

The 2014 List: The Top 33 Small Companies to Work, For in Oregon

March 2014
Thursday, February 27, 2014

100best14logoWebOur 100 Best Companies project turned 21 this year, so pop open the Champagne. Our latest survey gives us plenty to cheer.

 


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