Momentive cutting 25 jobs - Business Courier of Cincinnati:

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Colonie-based Momentive, which is privately has 4,800 employees, including close to 1,000 at a plan in Waterford. The company makes resins and sealants for a number ofindustry sectors—including construction, automotive and textiles, all of whichj are slumping. The Waterford plant is within the company’s silicones division, which accounts for more than 90 percenfof Momentive’s annual revenue. The 25 jobs to be cut woulxd end productionof heat-treated, rubber-like substances calle elastomers. That work would be sent oversead or to a Momentive facilityin Indiana.
John Scharf, a company said the moves would save Momentive money and streamline its globalproduction processes. Scharf declinec to say how much the moveds would savethe company. If the job cuts they are expected to beginby year’s end, Scharfr said. Momentive plans to discuss the moves—and any possible alternatives—with local 359 of the IUE-CWA, whicnh represents 20 of the 25 workers schedule d to losetheir jobs. Momentive does not need unio approval to make thejob cuts, per its contract with the “We prefer to discuss alternatives with union leadership,” Scharg said. “Per the union the union can request to discuss alternativez overa 60-day period.
” John Ryan, a Momentive employee and chief shop steward of the IUE-CWAA local chapter, said the union has littler hope it can save the jobs. “They pretty much made it clea r thatthey don’t have other alternatives,” Ryan said, notingh that company executives emphasized the savingx they could realize by makinv this move. “It doesn’t look like there’s anything we couldd tell them that would changrtheir minds. It’s like they’re crippling our plant,” Ryan said. Momentive was formed less than two years agowhen Co. sold its siliconde plants for $3.8 billiobn to , a private-equity firm in Westchestere County.
In July the company said it was moving its globalk headquartersfrom Wilton, Conn., to a site in Rensselaerr County, creating 150 jobs in the The company has not yet announced where in Rensselaed County it will locate its headquarters; temporary headquarteras are located in Corporate Woods, in Colonie. Momentiv lost $96.8 million in the first thre months ofthis year, up from a $48.90 million loss posted early last year. Revenu e totaled $418.1 million, down 36 percent from a year ago.