COVID-19 leads to layoffs at local factory

COVID-19 leads to layoffs at local factory
Citing reduced sales affected by the COVID-19 pandemic, the Crane Company announced Thursday it has laid off employees. (Source: Google Maps)

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:

With restricted business activity and uncertainty in the economy, our customers have dramatically reduced orders. We began taking actions to reduce discretionary costs in early March, while supporting our associates by providing two weeks of Emergency Pandemic Exception pay for those directly impacted by COVID-19, or who had work hours reduced during that time. 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. We appreciate the hard work and dedication our associates have provided during their tenure with Crane.
John O'Sullivan, Crane Co. president

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