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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (20909)	1/10/2005 1:40:42 PM
From: maceng2	Respond to of 116555

I missed this one biz.yahoo.com as evidently other people here did too.. the website of this newspaper has not been updated for today, Greenocks share of the redundancies is 70+ staff. Not bad considering how strong sterling is. older news.. greenocktelegraph.co.uk IBM offload 500 workers IBM have offloaded another 500 Greenock workers. Staff were told yesterday they will be employed by a Chinese company from 1 April. IBM announced last month that it would sell its personal computing division to Lenovo, but staff had to wait until yesterday to find out if IBM was keeping them on. The jobs transfer means there are now only 300 permanent IBM staff left at Spango Valley, which at its peak employed thousands of Inverclyde people. The news that they are being moved to Lenovo, China's largest PC company, brought little comfort to the workers. They have been given no guarantees that Lenovo won't pull out after a year when, it is believed, their rental lease expires on an IBM office block. Sources at Spango Valley dismissed this as "nonsense", and an official comment from IBM's London office stated: "This is rumour and speculation, and IBM does not comment on rumour and speculation." But other sources at Spango Valley said workers were worried that Lenovo could move to cheaper premises elsewhere in Scotland when they re-negotiate their lease in a year. There was said to be "mixed reactions" among employees about the transfer to Lenovo on 1 April. Some regard it as "a stay of execution" and others are said to be glad because their jobs are safe for the five-year contract Lenovo has with IBM, but all are believed to be concerned about terms, conditions and pensions. Most IBM employees involved in the PC business will move to Lenovo — approximately 1,500 in Europe. The company said: "For competitive reasons, the number of employees in individual countries will not be disclosed." The deal involves 10,000 employees in 59 countries. IBM transferred 650 Greenock workers to Sanmina in January 2003 in a three-year agreement to manufacture computer servers. More than 200 have gone since then through voluntary or compulsory redundancy and there is concern IBM will move that work to Hungary when the contract runs out.