Good company chased out of the country

[ArlJim78]

Emerson Electric (http://www.bloomberg.com/apps/news?pid=20601103&sid=a_EbBQyskKl0)has had enough of the BS and anti business climate in the US. They can see they handwriting on the wall so they'll relocate to other countries as much as possible. I'm guessing their CEO will not be invited to Obama's "jobs seminar" next month.
_________________________________________________


Nov. 11 (Bloomberg) -- Emerson Electric. Chief Executive OfficerDavid Farr said the U.S. government is hurting manufacturers with regulation and taxes and his company will continue to focus on growth overseas.

“Washington is doing everything in their manpower, capability, to destroy U.S. manufacturing,” Farr said today in Chicago at a Baird Industrial Outlook conference. “Cap and trade, medical reform, labor rules.”

“What do you think I am going to do?” Farr asked. “I’m not going to hire anybody in the United States. I’m moving. They are doing everything possible to destroy jobs.”

“We as a company today are putting our best people, our best technology and our best investment in these marketplaces to grow,” he said. “My job is to grow that top line, grow my earnings, grow my cash flow and grow my returns to the shareholders. My job is not to shrink and roll over for the U.S. government.”

In renewable and alternative-energy markets, Emerson had 2009 sales of $50 million and plans to increase that to more than $800 million in five years.

“But you are not going to see Emerson going out there with fancy commercials or sitting at the right hand of some president, talking about this,” Farr said. “We do it.”
__________________________________________________ _____

haha, I like this guy.
Multiply this same scenario by hundreds of companies and you start to wonder where the growth will come from in the US going forward. You simply can't dangle these job killing socialist programs over the heads of businesses forever without many of them deciding that they don't want to stick around to see how things play out. What's in it for them? Of course we'll have to see what genius ideas The One comes up with at his jobs seminar. I had to laugh today when I heard that big labor and representatives from some non-profits will attend the jobs summit.:D Gee imagine all the great ideas those groups will have to offer.

[prospector]

if i were still in business today, i'd have done the same....who is john gault?
i took the same attitude with a union that tried to unionize my warehouses across the states...if they had won, i'd shut the doors and walked away..

[bigmack]

It'll be interesting to see what happens to the stock price afta this.

[Robert Goren]

I hope he moves to China. One faulty product screw up and his family gets billed for a bullet. No regulation but just make sure your product doesn't embarrass the the country's leaders.

[boxcar]

Sorry to see Emerson go. Another nail in the economic coffin. But Farr is right on the money. Just yesterday or today, BO attacked the private sector once again (or in his case, I should say "still") by blaming companies for not doing enough to get the economy back on the fast track. Unbelievable! :bang: :bang: :bang: How can the private sector create jobs, hire people, produce more goods, etc., etc. when the U.S. government is doing everything in its power to derail capitalism and the U.S. economy!? This is the most anti-capitalistic regime (yes, I used the right term here -- "regime") probably in the history of this country.

I wish Mr. Farr and Emerson (a very old company) the best wherever they relocate.

Boxcar

[mostpost]

This is another example of greed run rampant. It is the same thing that will destroy this country. Men like David Farr who will suck all the blood out of the country and then leave the corpse lying in the street. You can bet he will still be willing to sell his products in the United States. He's just not willing to pay its workers or to contribute to the tax base. When a guy like Farr talks about labor rules, he means rules like the one that make him pay a decent wage; or the one that requires a safe work environment; or the rule that says ten year olds can't work in his factories. They allow that in China, Mr. Farr
Every one of the problems in this country come , not from your so-called socialism, but from insatiably greedy corporations which are never satiated; which never can have enough profit; which are rapacious in acquiring power; and which have zero loyalty to the United States of America.

[NJ Stinks]

This is another example of greed run rampant. It is the same thing that will destroy this country. Men like David Farr who will suck all the blood out of the country and then leave the corpse lying in the street. You can bet he will still be willing to sell his products in the United States. He's just not willing to pay its workers or to contribute to the tax base. When a guy like Farr talks about labor rules, he means rules like the one that make him pay a decent wage; or the one that requires a safe work environment; or the rule that says ten year olds can't work in his factories. They allow that in China, Mr. Farr
Every one of the problems in this country come , not from your so-called socialism, but from insatiably greedy corporations which are never satiated; which never can have enough profit; which are rapacious in acquiring power; and which have zero loyalty to the United States of America.

Say what? :confused: And I was so sure Farr is a great American! :lol:

No doubt he flys the biggest American flag you ever saw outside company headquarters. :rolleyes:

[ElKabong]

"Elections have consequences". Emerson's is but one company to make this decision after the Nov 08 elections.

A company I left in 2007 did the same thing Emerson did after the election, more than half the bldg has been layed off b/c of the incoming prez's intentions and the damage to be done to their industry, stateside. The company is a Sweden owned Corp. Most jobs were outsourced back to Sweden or to India or China, the others are gone for good. We're talking about 450 jobs in a small-medium sized plant, of course the reverbirations down the supply chain caused even more hurt for our economy (more unemployed, more jobs following overseas where the Swedes took their business when they left).

Elections have concequences...Wasn't too long ago we had 4.5% unemployment rate. Then we tossed the pub bums out of both houses, put in a novice in the WH who strong armed DC to pass Porkulus to save us from 8% unemployment rates. It's like Dan Snyder and Jim Zorn are living in the White House.

Elections have concequences. 2010. 2012. Do it right, next time.

[ElKabong]

Say what? :confused: And I was so sure Farr is a great American! :lol:

No doubt he flys the biggest American flag you ever saw outside company headquarters. :rolleyes:

What about the foreign owned corp's that are here & were recruited here by chambers of commerce in aggressive-minded states that actually like corporations to settle in? I currently work for another euro owned corp. 0bama's policies have actually sent jobs of ours back overseas and to other plants across the world.

And yes, we do have an American flag out front. Not ashamed of it either.

But back to the original point- even foreign owned corp's are seeing the light. They're pulling out / cutting back when the policies in the current admin don't meet their pleasure. The corp I work for didn't set up a business here to "be in the US crowd". They wanted to be in a business friendly environment.

The trade off is- we have jobs that put people to work, house and feed families. I'd bet a lot of people in Jersey, Michigan, Calif, Nevada and other states about to go tits up will see this logic in the very near future, if not now.....Right now is not a good time to run off businesses. Seems simple.

[NJ Stinks]

I'd bet a lot of people in Jersey, Michigan, Calif, Nevada and other states about to go tits up will see this logic in the very near future, if not now.....

Have you been to Jersey lately? I don't know who told you NJ is about "to go tits up" but I will suggest you don't hold your breathe waiting.

[ElKabong]

Have you been to Jersey lately? I don't know who told you NJ is about "to go tits up" but I will suggest you don't hold your breathe waiting.

BlueShoe's link stated NJ was "barelling" toward financial disaster. I don't need to go to Jersey to know it sucks. Enough of your ilk are here already telling me everyday (every single day) how bad it sucks up there. Thus, they left.

Do you intend address the point I made about 0bama's policies driving out not only US based corp's, but foreign owned corp's jobs overseas? "Gained jobs" are now disappearing. I gave somewhat detailed accounts. Feel free to give an intelligent rebuttal.

[NJ Stinks]

BlueShoe's link stated NJ was "barelling" toward financial disaster. I don't need to go to Jersey to know it sucks. Enough of your ilk are here already telling me everyday (every single day) how bad it sucks up there. Thus, they left.

Do you intend address the point I made about 0bama's policies driving out not only US based corp's, but foreign owned corp's jobs overseas? "Gained jobs" are now disappearing. I gave somewhat detailed accounts. Feel free to give an intelligent rebuttal.

I'm too tired, Elk. Maybe tomorrow.

[HUSKER55]

There should be a law that stats no CEO can have perks or income that exceeds the income of the bottom 70% of the market it serves times 3. Balance goes to the stock holders. if states average income per capita is 50k then the CEO can only get 150k.

If you can't live on three times what you pay your employees then you have a problem

[newtothegame]

There should be a law that stats no CEO can have perks or income that exceeds the income of the bottom 70% of the market it serves times 3. Balance goes to the stock holders. if states average income per capita is 50k then the CEO can only get 150k.

If you can't live on three times what you pay your employees then you have a problem
And you wrote a letter (starting with the presidents) about this? After all, I am almost 100% positive the national wage average had got to be less then 150 thousand per. Therefore , Obama shouldn't be allowed to make three times the national wages average.
And congressmen and women, well their constituency would dictate their salaries...etc etc..
YOU HAVE GOT TO BE JOKING WITH THIS RIGHT?????
So a guy like Steve Jobs who basically built apple from SCRATCH into a billion dollar a year plus company can only make 3xs the bottom 70% of wages in the state for which his company resides???
I would ask you to define the "american dream".
Talk about stunt growth. And we wonder why businesses are leaving....

And to you mosty, I can understand where you come from....the company in which you worked for all these years losses money year end and year out and are not accountable to shareholders. Of course no one would expect you to know how to run a profitable business.
Like it or not, there are perks to running a profitable business.

[Tom]

This is another example of greed run rampant. It is the same thing that will destroy this country. Men like David Farr who will suck all the blood out of the country and then leave the corpse lying in the street. You can bet he will still be willing to sell his products in the United States. He's just not willing to pay its workers or to contribute to the tax base. When a guy like Farr talks about labor rules, he means rules like the one that make him pay a decent wage; or the one that requires a safe work environment; or the rule that says ten year olds can't work in his factories. They allow that in China, Mr. Farr
Every one of the problems in this country come , not from your so-called socialism, but from insatiably greedy corporations which are never satiated; which never can have enough profit; which are rapacious in acquiring power; and which have zero loyalty to the United States of America.

You can say that with a straight face?
Where did you pull any of the crap you listed - certainly not from reality.
Did you wash your hands after touching it?

Government and unions- root of all evils.

[boxcar]

You can say that with a straight face?
Where did you pull any of the crap you listed - certainly not from reality.
Did you wash your hands after touching it?

Government and unions- root of all evils.


Mosty is now busy researching all the many workforce complaints and labor law violations against Emerson since the company's inception. Stay tuned for his next tome. :rolleyes:


Boxcar

[NJ Stinks]

BlueShoe's link stated NJ was "barelling" toward financial disaster. I don't need to go to Jersey to know it sucks. Enough of your ilk are here already telling me everyday (every single day) how bad it sucks up there. Thus, they left.

Do you intend address the point I made about 0bama's policies driving out not only US based corp's, but foreign owned corp's jobs overseas? "Gained jobs" are now disappearing. I gave somewhat detailed accounts. Feel free to give an intelligent rebuttal.

Where you from, Elk?

I'll limit my response to the late great Emerson Electric since your idea that Obama's policies are driving out companies is hard to figure. Cap-and-Trade hasn't even got out of the Senate let alone become a law. Medical reform is still in the Senate too. Farr complained about labor rules too. The only bill I know that actually became a law relating to labor that may affect Emerson is the rise in the minimum wage. So I'm not sure how Obama has hurt EE after he became president. Farr may be pissed Obama won but nothing I see has hurt Emerson Electric. If you know different, fire away.

Anyway, a quick look at the great EE's 10-K for 2006 and website:

1. "They're tapping into the skills and experience around the world to offer customers the benefit of our Global Focus." Emerson put Global Focus in parens - not me - in their 2006 10-K.

2. EE bragged about: "Much of this important work is being done in the new engineering center in Souhou, China." Again, the 10-K for 2006.

3. Here's a real laugher from the 2006 10-K. "As people around the world are becoming increasingly concerned with their individual energy usage and it's impact on the environment, Emerson is working to help countries like China improve overall efficiency standards and consume less power." Yep, Cap-and-Trade is really killing EE unless they can profit from it. :rolleyes:

4. EE's biggest profits in 2006 were made in Europe and China. (2006 10-K.)

5. EE paid more income taxes to foreign countries than they did to the U.S. in 2004, 2005, and 2006. (2006 10-K)

So what have we learned so far? That Mr. Farr ain't really all that pissed at Obama - that's what. Unless he was really pissed at GWB in 2006 too but didn't hold a press conference to announce it.

I didn't waste much time with the EE website. But I can tell you that Emerson calls themselves "a global manufacturing and technology company" with tons of international business locations.

The point is this company has been leaving the U.S. for years now. If you can't see that Farr was making a political statement aimed at having conservatives say "See. Obama is really killing us" that's your tough luck.

I hope it works out for Farr in China. :rolleyes: And I especially look forward to his first anti-government press conference. :jump:

[ArlJim78]

oh right, it must be political. we all know how CEO's love to jump into politics as a course of doing business.

I guess it must be true that ALL CEO's would agree that Obama's policies are good for their companies and the country, and that ANY CEO that would raise concern would be doing do so only to generate a reaction from conservatives because that is such a time honored business practice.

[Tom]

Mosty is now busy researching all the many workforce complaints and labor law violations against Emerson since the company's inception. Stay tuned for his next tome. :rolleyes:


Boxcar


Nope. Got my M1P1 vaccination last night. I am now immune to his rantings.:p

[JustRalph]

This is another example of greed run rampant. It is the same thing that will destroy this country. Men like David Farr who will suck all the blood out of the country and then leave the corpse lying in the street. You can bet he will still be willing to sell his products in the United States. He's just not willing to pay its workers or to contribute to the tax base. When a guy like Farr talks about labor rules, he means rules like the one that make him pay a decent wage; or the one that requires a safe work environment; or the rule that says ten year olds can't work in his factories. They allow that in China, Mr. Farr
Every one of the problems in this country come , not from your so-called socialism, but from insatiably greedy corporations which are never satiated; which never can have enough profit; which are rapacious in acquiring power; and which have zero loyalty to the United States of America.

Spoken Like a real government employee

someone who has never run a business

[ElKabong]

Where you from, Elk?

I'll limit my response to the late great Emerson Electric since your idea that Obama's policies are driving out companies is hard to figure. Cap-and-Trade hasn't even got out of the Senate let alone become a law. Medical reform is still in the Senate too. Farr complained about labor rules too. The only bill I know that actually became a law relating to labor that may affect Emerson is the rise in the minimum wage. So I'm not sure how Obama has hurt EE after he became president. Farr may be pissed Obama won but nothing I see has hurt Emerson Electric. If you know different, fire away.

Anyway, a quick look at the great EE's 10-K for 2006 and website:

:


Stinks,

how many times do you intend to ax me where I'm from? Like the last time we posted, I'm from Texas (see avatar).

People in the mining industry canx'd orders (rigs) right after the election. That was the industry I used to work in (Swedish owned corp). Try emailing your link to Atlas Copco's HQ in Sweden. Tell them their (mining) customer base worldwide is over reacting. They'll get a kick out of it.....

Now I'm in the aerospace industry, a French owned corp. We've sent some of our MRO business elsewhere. One of our o/s sites was deemed to be a better "fit" for some of our overhauls/ repairs even tho the customer base is here. Everyone in our bldg knows why the business left the US. The cost of doing business will be higher here sooner than later.

Elections have consequences...BHO's win = higher unemployment than necessary. In Atlas Copco's case it became an instant reality. With the company I'm currently with it's meant stunted growth.

[NJ Stinks]

Stinks,

how many times do you intend to ax me where I'm from? Like the last time we posted, I'm from Texas (see avatar).

People in the mining industry canx'd orders (rigs) right after the election. That was the industry I used to work in (Swedish owned corp). Try emailing your link to Atlas Copco's HQ in Sweden. Tell them their (mining) customer base worldwide is over reacting. They'll get a kick out of it.....

Now I'm in the aerospace industry, a French owned corp. We've sent some of our MRO business elsewhere. One of our o/s sites was deemed to be a better "fit" for some of our overhauls/ repairs even tho the customer base is here. Everyone in our bldg knows why the business left the US. The cost of doing business will be higher here sooner than later.

Elections have consequences...BHO's win = higher unemployment than necessary. In Atlas Copco's case it became an instant reality. With the company I'm currently with it's meant stunted growth.

Sorry about the where are you from thing. I forgot and I'm seeing an eye doctor Tuesday to setup cataract surgery. I missed Texas on the tee-shirt in the picture.

Obviously, you know a lot more about what's going on within your industry than I do. I hate these free trade agreements. And I hate the fact that Dems think the only way to clean up the environment is through taxes. Is there another way to clean up the environment in this country? Maybe. But I don't see Republicans proposing anything.

Same thing with healthcare reform. Maybe there are better ways to reform healthcare than what the Dems are proposing. But I don't see Republicans proposing anything.

I agree that elections have consequences. And a consequence of Republicans being stupidly greedy (tax cuts while fighting a war is a prime example), not doing anything to slow the cost of healthcare, acting like global warming is a joke; etc., have cost Republicans Congress and the White House. It wouldn't have taken much to defeat a new guy on the scene like Obama. But doing nothing but start a dumb war while cutting taxes has consequences too.

So now there will be a backlash the other way for awhile. Hopefully, the Dems will figure out some way to create jobs and bring back jobs. If not, Republicans will come roaring back in upcoming elections. But if the only thing Republicans do next time is follow GWB's policies, they won't be back on top for long.

[Tom]

Spoken Like a real government employee

someone who has never run a business

Or worked for that one that made a profit.;)

[ArlJim78]

to me one of the biggest issues we face is that our so-called leaders have been insulated from the private sector all their lives. universities, congress, etc. on one hand you have the unions and their benefactors in politics. together they make up what I call the political class and it has been growing steadily. these people shouldn't meddle with the private sector because they don't understand it.

on the other hand you have the non union private sector, which has this unhealthy parasite called the political class feeding off of it, sucking it dry. this parasite has become so large and hungry that its killling off the private sector around here which is shrinking, dying off or moving out.

when you listen to people from the political class talk, its glaringly obvious that they have no clue how the economy works or how businesses operate, as they have been insulated from it.

[DJofSD]

It's too damnably bad the parasite is not affected by the damage they visit upon the host.

[ArlJim78]

It's too damnably bad the parasite is not affected by the damage they visit upon the host.
that damage is coming around the corner, when the well starts to run dry.