| Joy Global cutting 85 workers in northwestern Pennsylvania | |
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FRANKLIN, Pa. (AP) -- A northwestern Pennsylvania company that manufactures mining machinery is laying off 85 workers beginning Nov. 20.
The (Oil City) Derrick (http://bit.ly/1PPRfAZ) reports Joy Global confirmed the date and the number of affected workers on Wednesday. The company announced the layoffs in August but hadn't said how many workers would be affected.
The Pennsylvania operation is in Franklin, about 70 miles north of Pittsburgh. It is one of several owned by Milwaukee-based Joy Global Inc.
The company has been losing sales for about three years, blaming China's economic slowdown for diminishing demand for coal and mineral mining. Low natural gas prices and increased U.S. oil production have also hurt the coal industry.
The workers qualify for benefits under the Fair Trade Act because they're being laid off before Nov. 26.
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Joy Global is a exploration company based in United states of america. Joy Global is listed in United States of America. Its market capitalisation is US$ 1.2 billions as of today (€ 1.2 billions). Its stock quote reached its lowest recent point on February 12, 2016 at US$ 10.26, and its highest recent level on April 05, 2017 at US$ 28.30. Joy Global has 43 700 000 shares outstanding. |