Lubrizol Lays Off 170 Workers

[OhioChick]

Source: Newsnet5

94 Laid Off In NE Ohio

POSTED: 11:14 am EST February 5, 2009

WICKLIFFE, Ohio -- Local chemical company Lubrizol Corp. plans to let go of 170 workers in an effort to save money.

Locally, Lubrizol will cut 50 jobs at its Wickliffe headquarters, 40 jobs in Brecksville and 4 in Avon.

Lubrizol said the cuts are being made as part of its overall growth strategy.

There are about 2,100 Lubrizol employees in northeast Ohio.

Lubrizol released the following statement:

"The Lubrizol Corporation (NYSE:LZ) continues to execute its growth strategy, including improving operating profitability and efficiency through a process that was well underway before encountering macro-economic headwinds.

During much of 2008 Lubrizol senior management considered how to adjust the organization's structure to address both commercial profitability improvements and operating cost inefficiencies. Some of these adjustments resulted in changes to the organizational structure and executive leadership announced in September 2008. Since then management has focused on implementing these changes fully and on examining other areas where improvements to the company's structure and business processes can be made for greater effectiveness.

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Read more: http://www.newsnet5.com/money/18648149/detail.html

[ChairmanAgnostic]

1. YES! We grow and improve service by cutting staff.

tell us another one, please.

[tomreedtoon]

2. In a depressed economy, who needs sex lube?

Everything goes in a depression, including the desire for sex and sexual aid products.

[OhioChick]

3. Maybe it "goes" for you.

But not for everyone. ;)

[Berry Cool]

4. Nice try.

Of course, Lubrizol doesn't make sexual aid products, but hey, it's a laugh.

[llmart]

5. Isn't this the company.......

who used to give out the legendary year-end bonuses to all employees? They had a reputation of being a cutthroat place to work because of the vying for huge bonuses. Employees were encouraged to rat on fellow employees. Looks like those days are long gone.