Titanium Metals Corp. (Timet) will lay off nearly 80 workers at its main mill products plant in response to slow business conditions, according to the United Steelworkers union (USW).
The layoffs, slated for this coming week, would be the first at Timets Toronto, Ohio, facility in at least two years, according to an official of USW District 1, which represents about 460 employees at the facility. He said the cause of the layoffs appears to be just that orders are slow.
A spokesman for Timets parent company, Portland, Ore.-based Precision Castparts Corp., declined to comment on the pending layoffs. He said only that the company has made no announcement about a workforce reduction at Toronto. Precision Castparts acquired Timet for $16.50 per share in a cash deal valued at about $2.9 billion last year (amm.com, Nov. 9
The Toronto facility forges titanium ingots into billets, bars and slabs, the latter of which are hot-rolled into sheet and plate or cold-rolled for production of strip and welded tube. Dallas-based Timet has said that Torontos Sendzimir cold mill is the only dedicated titanium strip mill in the world.
The USW official said the layoffs would be implemented on the basis of seniority and added that while local union representatives presented Timet with alternatives to layoffs, including employee buyouts, local management wasnt interested. The official was unable to say whether the reduction will affect any particular section of the Toronto facility.
Timets current labor agreement with USW locals 5644 and 5444-01 dont expire until 2016, the USW official said.