JONESBORO, Ark. (KAIT) - Citing reduced sales affected by the COVID-19 pandemic, the Crane Company announced Thursday it has laid off employees.
The job cuts affect those employed at its Jonesboro plant, Crane Composites Inc. located at 8500 C.W. Post Road.
“With restricted business activity and uncertainty in the economy, our customers have dramatically reduced orders” John O’Sullivan, president of Crane Composites, stated in a news release. “Unfortunately, the markets we service will be impacted by COVID-19 more significantly than expected, and we have reduced staffing to better align with expected market demand.”
Jason Feldman, vice president for investor relations, said that sales for the year are down 30% with a projected loss of 40% for the balance of the year.
Feldman would not say on the record how many people would be affected by the company’s decision.
Here is John O’Sullivan’s full statement: