Mosler Inc operating since 1867 shuts downgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
I posted this one because I think its always fascinating when companies that have been operating for over 100 years through the great depression and much more have floundered during these times
BUSINESS SERVICES Mosler Incorporated Hamilton, OH Mosler Inc., which began in 1867 as a safe manufacturer and grew to become a major producer of electronic security systems, abruptly sent employees home Friday and said it is immediately closing its U.S. operations. Mosler will be liquidated at the urging of lenders who said they could not continue to support the debt-ridden company. The shutdown eliminates the jobs of Mosler's 1,800 employees nationally, including about 350 in Hamilton. For now, the company's operations in Canada and Mexico continue to function. Approximate affected work force: over 1000 Source: Associated Press - August 3, 2001
-- Guy Daley (firstname.lastname@example.org), August 13, 2001
Sin (alcohol, sex, and movies) and security were always supposed to be the recession-proof businesses. Not this time, I guess.
You'd think Mosler's sales would be booming...in Argentina, where (as other article here have mentioned) people are running to pull their savings out of the bank, in U.S. dollars.
Perhaps that's what's keeping their non-U.S. operations going?
-- Andre Weltman (email@example.com), August 13, 2001.