SPS Technologies in Jenkintown is laying off 250 employees—roughly half of its entire workforce— Montgomery County officials announced.
Precision Castparts Corporation, which owns SPS, issued a statement saying in part, “After intense analysis of what areas of the location were severely impacted, SPS Technologies has a clearer picture of our personnel needs. Regretfully, we will have to make employment adjustments to align with those product lines and volumes the Company can still support.”
The employees were notified about layoffs Friday morning. Employees will be paid until May 18 and receive benefits until the end of the month.
One employee, who wants to remain anonymous, said he received a “notice of termination of employment” via email, 6ABC reported.
Montgomery County Commissioner Neil Makhija wrote a letter to Berkshire Hathaway Chairman and CEO Warren Buffet urging expanded severance packages in the aftermath of last month’s fire, Kenny Cooper, a 2016 graduate of Cheltenham High School, reported for WHYY.
“While you consider rebuilding the facility here in Montgomery County, where hundreds of loyal workers are ready to continue their dedicated service, I hope you will also provide longer-term, temporary pay and benefits for these employees who have lost their jobs through no fault of their own,” Makhija wrote.
The average SPS Technologies employee has worked at the company for 25 years and were offered four weeks of compensation, Makhija said.
“Berkshire Hathaway has received considerable attention for its historic cash pile of approximately $334 billion,” Makhija wrote. “As you look for meaningful ways to invest Berkshire’s substantial cash reserves, I would suggest you could do so right here: in your own company, in the workers of SPS Technologies, and in Montgomery County, PA.”
The county will host a job fair for those impacted in April, and SPS Technologies will have a career fair for employees next week.
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