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Jabil pulls plug on California plant
The facility's 143 employees will lose their jobs as the electronics manufacturer restructures.
By Tom Zucco
Published June 13, 2007
Jabil Circuit Inc. is closing its contract manufacturing facility in Poway, Calif., and will begin laying off the plant's 143 employees. A spokeswoman for the St. Petersburg-based electronics manufacturer said Tuesday the company filed a notice of plant closure with the mayor of Poway on April 26. Poway is a city of about 50, 000 just north of San Diego. The closing of the 112, 000-square-foot facility comes after Jabil announced last year it will move more of its product design work overseas as part of a corporate restructuring. Jabil's strategy has been to keep much of its design work and new product development at U.S. plants while moving high-volume production of more mature product lines overseas. Jabil, which employs more than 60, 000 people worldwide, including about 2, 000 in St. Petersburg, said last month that it lost money during the quarter ended last August. It's the first operating loss in its history and the first net loss since 1994. For the first six months of 2007, profits were nearly two-thirds less than in the previous year. The company said the current quarter might produce a loss, as well. On Tuesday, Jabil stock hit a 52-week low, closing at $20.07.
[Last modified June 12, 2007, 22:48:32]
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