(BRK.A), (BRK.B)
Berkshire Hathaway’s aerospace manufacturer Precision Castparts has turned its previously announced furloughs in Oregon into layoffs, and added additional layoffs at its Clackamas small structures business operations facility.
The company cites the COVID-19 pandemic for the layoffs. The total number of layoffs in Oregon is 717, which represents roughly 24 percent of its workforce in the state.
“As the impact of the pandemic and other macroeconomic factors have weighed on the nation, many of our customers have or intend to curtail or reduce their production,” communications director David Dugan wrote in an email published in the Oregonian. “Due to the resulting impact on orders, we have significantly reduced our workforce to align our production with our customers’ needs.”
Precision Castparts is a worldwide manufacturer of complex metal components and products, provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power generation applications.
© 2020 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.