AM I NEXT? NO LOVE AT STATIC CONTROL COMPONENTS

Sanford, North Carolina-based Static Control Components, one of the largest manufacturers of aftermarket printer toner and inkjet replacement cartridges and associated printer components will close four of its manufacturing facilities in Sanford and lay off 226 employees, thirteen from headquarters and 213 in the manufacturing facilities.

The company will keep administrative and non-manufacturing activities at their four remaining facilities in Sanford.

The company which replaced its CEO and CFO a few months ago. Ken Lalley, the recently hired CEO of Static Control, noted “Static Control has a clear route forward for success, and will focus on our strengths of providing innovation through our award-winning research and development team, strengthening our sales and adding efficiencies to global distribution. These tough decisions were made in order for our business to remain competitive”

Chinese manufacturer, Apex Microelectronics, the world’s largest supplier of printing cartridge chips, purchased the controlling interest in the company for $63 million in 2015. It is unknown if these layoffs are the result of needed restructuring or the precursor to outsource manufacturing to a foreign manufacturer.

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AM I NEXT? NO LOVE AT ACUITY BRANDS LIGHTING

Atlanta, Georgia-based Acuity Brands Lighting. a major lighting supplier for commercial, industrial, infrastructure, and residential lighting solutions, has announced a restructuring plan that will result in the loss of 298 positions at its Des Plaines, Illinois facility. The location which produces fixtures for the Juno-brand lighting products was acquired during the purchase of Juno Lighting from Schneider Electric in 2015. The restructuring effort is said to be in response to its stock performance and the desire to position the company as a technology company rather than a simple manufacturer of lighting products.

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AM I NEXT? NO LOVE AT OHIO NATIONAL LIFE INSURANCE

Cincinnati, Ohio-based mutual insurer, Ohio National Life Insurance Company, has announced that it will be laying off 300 employees, mostly associated with the sales and servicing of annunity policies. The company is dropping its annuity lines to concentrate on its life and disability products.

The company said that the decision was made following a "comprehensive strategic review of Ohio National’s businesses, taking into account the continuously changing regulatory landscape, the sustained low interest rate environment, and the increasing cost of doing business, as well as growth opportunities and the company’s competitive strengths.”

According to Chairman and Chief Executive Officer Gary Huffman…

“As part of our strategic planning process, we have completed a comprehensive evaluation of our entire business to determine the best path forward to deliver the long-term growth and financial strength necessary to support our policyholders, customers, business partners, associates and the communities in which we operate Based on this evaluation, we will be focusing Ohio National to build on our strengths in life and disability income insurance. We will also continue to grow our Latin American operations. Making these changes enables us to enhance our unique value proposition as we continue building trusted relationships with our network of financial professionals and offering the highest quality products with the benefits and protection our customers need. This value proposition has allowed Ohio National to grow our life insurance business at rates well above industry averages. Along with our strong growth in disability insurance, we are confident that our long-term prospects are bright.”

The newly-elected President and Chief Operating Officer, Christopher Carlson, added, “We strongly believe this strategy will provide us with greater long-term financial flexibility to invest in product, technology and services that provide value to our policyholders and customers.”

Employees who are working for insurers are being impacted by automation which allows an individual to enter much of the data needed for underwriting and the automation of formerly manual processes like credit checks, insurance checks, and premium scoring to produce underwriting decisions in minutes without the need for hands-on personnel.

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