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Joy Announces Profits, But Hints At Plant Closings

December 13, 2012

On the same day in which the corporation announced a 19 percent increase in net sales in the fourth quarter of their fiscal year as compared to the same quarter in 2011, Joy Global officials also projected more layoffs at Joy facilities in Franklin, and hinted at the closings of several Joy plants in the near future.

Joy Global did not identify which facilities are being considered for possible shutdowns.

A fifteen-page fourth-quarter report lists net sales for the quarter ending October 26 of this year at just under $1.6 billion.  Net sales for the full fiscal year were reported at $5.66 billion.

During a conference call held following the release of the corporation’s profit statement, Joy Global CEO Mike Sutherlin said that the downsizing that is continuing in the company will include more layoffs by the early stages of the second quarter of the new fiscal year, presumably in late January or in February.

Sutherlin also revealed that the layoffs at Joy’s Franklin plants earlier this year are now considered permanent.  Some 350 of Joy’s more than 1,300 Franklin-area employees were given furloughs at various times over this past summer and early fall.

Officials listed as motivations for the corporate decisions their plans to downsize or close higher-cost facilities, and to move manufacturing facilities closer to markets for Joy products, including undergroung mining equipment.

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