Fri, Nov 19, 2010
New Investment Required For Production Re-Start, But Working
Down To 10 Staffers For Now
ANN has just finished a call about the unwelcome news that
Mooney employees are facing yet another series of layoffs...
ultimately leaving few of them on the job. According to company
statements, 'More difficult decisions were necessary that will
eliminate many of the current positions at the company by year
“We are not shutting down,” said Mooney Chief
Financial Officer Barry Hodkin. “However, we cannot continue
to subsidize the company at the level we have in the recent past.
We have been in discussions with potential investors for more than
18 months and will continue to work with them. If things change
then the scope of this layoff could change.”
“We will continue to protect Mooney’s assets both
tangible and intangible,” Hodkin said. “Those assets
include the facilities and our certificates for production and
manufacturing.” In addition, the company intends to continue
to provide technical support to existing owners and a level of
spare parts support for Mooney airplanes.
Mooney began layoffs in 2008. At that time, the company employed
approximately 500 people in the manufacture of its
high-performance, single engine aircraft. That year, as the economy
worsened Mooney started taking steps to survive the economic
downturn. On November 4, 2008, more than 200 employees were
furloughed. Smaller reductions in force continued until they
reached the current employment level of 53.
Hodkin said negotiations with potential investors continue, but
there have been no commitments made to date.
Mooney's Susan Harrison tells ANN that the economy has bruised
Mooney horribly and that any attempt to restart production when the
economic situation starts to recover will require new investment.
Harrison stated that when the current layoffs are completed, some
10 staffers will remain to support current customers and service
the extensive Mooney fleet around the world.
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