There was a small layoff in October of 2023 and bigger one in April of 2024. Another smaller one this month, (October 2024). As L3 acquires other companies, it lays off the overlapping jobs. L3 has also learned that its' investors LOVE a layoff. The stated goal of
$1 billion in savings is now 1 year ahead of schedule and the investors are salivating. The "Kube" got a bonus to match his bo--r!
And, since the work flow wasn't affected by these layoffs, you can be sure his foot is on the gas for more RIF.
October and April are the months to watch in the future. But don't count out a Christmas surprise with some employees being asked not to return for the new year.
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Most of the guys in New Jersey with e w expertise would ki-l for a high paying job in florida. And Melbourne, Malabar, and Palm Bay have an alluring sound to these pasty Jersey boys. Sun drenched beaches, summer year-round, palm trees, cocoa skinned beautiful girls , and captured against a cobalt blue sky, the L3 Harris flag waves in the breeze. They would leave everything they own in New Jersey for a lower paying job in florida.
There’s a ton of EW domain specific expertise in Clifton, plus all the young grads these days want to live that big city life. Fort Wayne and Rochester have some of the highest interdivisional labor sharing numbers because no one wants to live there, whereas Clifton has one of the lowest. If L3 did sell off Clifton, there’s also a major EW competitor right up the road, so most people would jump ship rather than relocate.
your assessments are a bit off. Prime real-estate along NJ route 3 is going for $3 million per acre. That property in Clifton has a market value of well over $60 million.
77 River road, clifton, pays annual property taxes of 1.1 million dollars. The assessed value is about 19 million. While the property was last technically sold in 1999 for 26.6 million it is currently appraised at over 40 million. Since all of the work done in Clifton can be done in Florida and Rochester New york, it's a foregone conclusion that L3 Harris will not be able to resist selling off this property for much longer. The added bonus is that they can smoke another 1,300 plus jobs, contributing to that 1 billion cost reduction that Chris promised.
No kidding captain obvious. Tell us something we don't know.