Digg Yahoo! Del.icio.us Facebook Reddit Drudge Google Fark Stumble It!
Emerson CEO blasts government, says firm will expand overseas
BLOOMBERG NEWS
11/12/2009
________________________ ________________________ _
Emerson CEO David Farr said that the U.S. government was hurting manufacturers with regulation and taxes and that his company would continue to focus on growth overseas. "Washington is doing everything in their manpower, capability, to destroy U.S. manufacturing," Farr said Wednesday in Chicago at a Baird Industrial Outlook conference. "Cap and trade, medical reform, labor rules."
St. Louis-based Emerson, the maker of electrical equipment and InSinkErator garbage disposals with $20.9 billion in sales for the year ended September, will keep expanding in emerging markets, which represented 32 percent of revenue in 2009. About 36 percent of manufacturing is now in "best-cost countries" up from 21 percent in 2003, according to slides accompanying his speech.
Companies will generate jobs in India and China, "places where people want the products and where the governments welcome you to actually do something," Farr said.
The unemployment rate in the U.S. jumped to 10.2 percent in October, the highest level since 1983. Emerson, which Farr said employed about 125,000 people worldwide, has eliminated more than 20,000 jobs since the end of 2008 to lower expenses.
"What do you think I am going to do?" Farr asked. "I'm not going to hire anybody in the United States. I'm moving. They are doing everything possible to destroy jobs."
"We as a company today are putting our best people, our best technology and our best investment in these marketplaces to grow," he said. "My job is to grow that top line, grow my earnings, grow my cash flow and grow my returns to the shareholders. My job is not to shrink and roll over for the U.S. government."
RELATED LINKS
Get more business news, blogs and opinion
________________________ ________________________ ________________
DO YOU MARXISTS GET IT YET?
