Genie Industries' Recent Job Cuts

Staff | September 28, 2010

Redmond, WA — Genie Industries laid off a reported 475 employees in October in the second round of job cuts since July.

The company, a unit of Westport, CT-based Terex Corp. that makes aerial lifts, platforms and light towers, said in a statement that "the twin challenges of a global economic slowdown combined with a near freeze in the credit markets" are curtailing demand from the construction industry and others.

Genie said the cuts represent about 18 percent of its work force in Redmond, which had about 2,400 production and office workers. It also has cut about 100 jobs at its Moses Lake plant, where it had about 650 employees.

In July, Terex laid off 120 full-time workers and an undisclosed number of part-time workers in its aerial platforms division. Terex didn't say then how many of those layoffs were at Genie.

Terex's Aerial Work Platform segment, of which Genie Industries is a part, reported a sales decline of 9 percent to $514 million in the third quarter amid a slowdown in construction activity in North America and Western Europe.