They said that they had to do it because it was "shovel ready" jobs, gazillions of them, both up north and in Milwaukee.
So they rammed it through, even though the majority of people opposed it.
To date, it has not created one job.
And it doesn't look like it will create any jobs anytime soon (emphasis mine)
Menomonee Falls-based Magnetek Inc. today reported first quarter net income of $472,00, or 14 cents per share, down from $6.9 million, or $2.14 per share, in the same period a year ago.But don't worry, the company has a plan in mind to keep the stakeholders from not raking in their profits. The article says that the company plans to screw over their workers by raiding their pensions.
The company’s net sales dipped to $25.1 million from $28.7 million a year ago.
The decrease in sales from the prior year quarter reflects sales declines of products for mining markets, and the company's decision to no longer pursue new sales opportunities in renewable energy markets.
"Challenging conditions in mining markets, combined with moderating demand and seasonal factors in material handling markets, resulted in both a sequential and a year-over-year decline in both sales and profitability. In response, we focused our actions during the quarter on controlling our payroll and other discretionary costs. Despite the lower sales levels, our continuing operations remained profitable, and our first quarter adjusted EBITDA achievement was more than 10 percent of sales," said Peter McCormick, Magnetek's president and chief executive officer.
How so thoughtful of them.
It also makes me wonder all the more what Scott Walker was selling in China besides ginseng.