For Sale: E-One
Remember last year when some of our “brilliant” politicians were ready to sign off giving away multi-millions of taxpayer dollars to E-One? Well, surprise, surprise E-One is proving to be the “distressed company” a small number of politicians and several local citizens who opposed the giveaway of money said it was!
Today it was reported that E-One’s parent company, Federal Signal, is exploring strategic options for relieving itself of a financial burden. Click the link below:
http://www.ocala.com/article/20080227/BREAKING_NEWS/276678731/1025/NEWS
There will likely be more detail tomorrow and in the days to follow. Who knows what may happen to E-One or its employees in the future. Maybe new ownership will be good and maybe not.
What is your take on the E-One situation?
posted by Blog Master @ 7:27 PM
26 Comments:
Does the word ‘layoffs’ ring a bell? More bad news on the way for Marion County’s economy.
The management team to save E-1:
President- Dan Owen
Mfg. VP- Randy Ewers
Finance VP- Kyle Kay
HR VP- Mary Sue Rich
Sales VP- Kent Guinn
VP Public Relations/Legal- Charlie Ruse
They’ll get that sucker turned around in no time!!
You’re funny but let’s be serious. Things are getting worse in the job market. I have a good friend at Dayco and they are also cutting back. She tells me they are moving about 200 jobs to Tennessee from Ocala and cutting their employment in half.
employees saying e-one to be bought by florida company the local plants closed and e-one moved to the buyers location.
More home foreclosures?
Federal Signal will have to "fire sale " E-1 to sell this loser. E-One has not been a fully valued asset for many years.
You will recall that when I reviewed the irratic profitability of Federal Signal, I concluded that the parent company of E-One was poorly managed.
With revenues declining for states and municipalities now and in the future, for several years, orders will be much more difficult to obtain.
In a declining economy any under performing company faces an up hill battle. This fact undermines saleability of any company in the struggling position of E-1.
Not very good news for Marion County which has been more than patient and accomadating to E-1.
Clayton Ellsworth
Clayton,
With the weak U.S. dollar, E-One could be a potential great opportunity for purchase by a foreign company (e.g., a Japanese specialty-trucks manufacturer).
What say you?
President Bush states "we are not headed for a recession". However, read the most recent economic report and it makes you question that statement.
www.foxnews.com/story/0,2933,333455,00.html
Stan, A dog is a dog.
Certainly, if Federal Signal wants to give E-One away, like Daimler did with Chrysler,a foreign company with cash and staying power is a good possibility.
Foreign markets are going to be better than the US market for some time.
Clayton Ellsworth
Speaking of the economy :
" Most great nations, at the peak of their economic power, become arrogant, and wage great wars at great cost, wasting vast resources, taking on huge debt, and ultimately burning themselves out ".
Who said this?
1. Karl Marx
2. Alan Greespan
3. George McGovern
4. Clayton Ellsworth
5. Maynard Keyes
6. Kevin Philips
7. Barrack Obama
8. Senator John Kerry
9. Al Gore
10.Alan Keyes
Answer, Kevin Philips, strategist for Richard Nixon spoken during the Nixon era.
In the new federal budget, the Pentagon gets over 50% while the US is 21%of the world's GDP. The US spends 47% of the world"s total military expenditure, has 9 trillion in debt, is the largest debtor nation in the world.
Our power-hungry mindset is becoming self destructive, suicidal.[PaulB. Farrell writing this week on Market Watch.
Need I say more ??
Clayton Ellsworth
Maybe that woman asking for a new skateboard park in today's letters to the editor can get e-one to open one there. -- pwf
Could somebody tell me who were the politicals who spoke out against the E-1 deal by the county and city? The only one I believe I know about is K. Kay.
Too many lo paying mfg. and construction jobs that's our problem in the county.
May see a local venture capital group enter the picture to buy E-1.
Commissioner Stan McClain and Commissioner Charlie Stone opposed it didn't they?
Didn't Peyton also vote against the bailout of E one?
Payton led the fight FOR e-one. He was joined from the start by Fitos.
Stone presented a detailed explanation as to why the commission should NOT provide funds for eone. McClain opposed it on principle. Kesselring voted no, but offered a different for a reduced amoubnt that did not fly.
--pwf
VoR
E-1 should bring on a puppet minority into ownership. The company can then apply for government minority contractor status with the federal and state government. They can also get a sympathetic ear from Bobby James at the school board. That's the quickest way for the company to get an unquestioned infusion of cash with no expectations or requirements for success.
VoR
Voice---It might just work!!
How about the E-One employees pooling money and buying the company. Maybe they could run it better than it is being run.
Get real! That will never happen. No way could they come up with the kind of money needed.
Voice of Reason says . . . .
Ocala and Marion County used to be a special place in Florida. I hate to be negative but E-One is just one more sign of the disaster that the area has become. Ask around, Ocala is now known as the armpit of Florida. It is a place of little hope and progress. Look at the leaders, what a bunch of seat-warming clowns. Even Cliff Stearns stays away. Look at roflmao's management team for E-1, can you think of a more inept group?
I would go drink somewhere but all of the bars in town are too depressing. Maybe George Jones will play Silver Springs soon and cheer me up.
VoR
Voice of Reason
One party rule and domination for so long a time has exacted a stiff price on Marion County as it always does.
There is no end in sight as long as the local Dems want to eat beans and whine.
However, E-One is a victim of it's own ineptness.
Clayton Ellsworth
We need more prison jobs--LOL.
more prison jobs bring more govt employees bring more people eating off the few who pay taxes mean more higher taxes mean more cops arresting everybody means less people working means higher tax rates as more govt employees retire off the few who pay taxes means higher taxes. lets just move!
AMEN-A VICIOUS CYCLE!
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