The local union branch represents about 900 workers. “Families are going to be forced to relocate, probably sell their homes, and relocate from West Virginia. Here we’re going to rid ourselves of 2,000 high-paying jobs in north central West Virginia, taking out $150m to $200m out of the local economy from lost income.”
Less than a month after Mylan merged with Pfizer’s Upjohn to form Viatris, the company informed the union of its plans to shut down the plant and send the work abroad, as part of a $1bn cost-cutting restructuring plan. Mylan reported $3.9bn in profits in 2019, and over $1bn in quarterly profits before the merger. The plant is scheduled to end manufacturing on 31 July when the majority of the workforce will be laid off, with closure operations planned to end by 31 March next year
…
Viatris cited the plant closure as part of a global restructuring initiative, and said it is exploring alternatives outside the company network.
According to Gouzd, Republican senator Shelley Moore Capito has ignored pleas to work with Biden officials to save the plant, and Democrat Joe Manchin, whose daughter served as Mylan’s chief executive until she retired in 2020, has also ignored their requests to get involved and help.
What? That West Virginia-loving simple patriot who is only motivated by what’s best for his constituents?
I like it whenever Democrats fix America’s high-cost manufacturing problem because, for some reason, manufacturing in Taiwan seems to get even better when they do.
Biden’s proposal has three chief components:
An offshoring tax penalty: This part calls for a 28% corporate tax rate and an additional 10% “offshoring penalty surtax” on profits for manufactured goods and for services such as call centers, if American companies produce them overseas and then sell them back to the U.S. market. According to a briefing paper from the Biden campaign, “companies will pay a 30.8% tax rate on any such profits.”
A “Made in America” tax credit: A 10% advanceable tax credit for companies on a broad range of investments designed to create manufacturing jobs in the United States. Eligible projects include revitalizing closed or closing factories, increasing domestic production, modernizing manufacturing facilities, expanding manufacturing payrolls and any expense or investment related to onshoring jobs.
Elimination of offshore tax loopholes: Biden’s plan would close several tax loopholes in the 2017 Republican tax law that permit U.S. companies to shield their foreign profits from full taxation.
Seems policies always revolves around giving the rich people more money… Democrats in the US is just slightly less conservative. This trickle down economics is going to really hurt people in the long run, as always.
Rumors are CCP ordered factories around Beijing to shut down for some time before XXIV Olympic Winter Games to improve air quality.
This lead to clients hoarding supplies. Worsened the already existing supply chain issues due to covid.
Xi Jinping: “China will not build new coal-fired power projects abroad”
Great news- if it turns out to be true. Watch out for walkbacks and exceptions for “existing” or “already announced” projects- or projects that were going to be considered, or ones that somebody thought idly in passing “hey, what if…”
One of the more interesting comments I read a few weeks ago from a logistics guy being interviewed, was him saying that all the delays in finding containers to ship stuff back to the U.S. as well as the long delays in offloading at U.S. is starting to push firms to go BACK to the U.S. to re-set up manufacturing plants as it is now profitable to do so.
‘Could An AdBlue shortage bring supply chains to a standstill?
Most people might not be familiar with the importance of AdBlue, the liquid used in diesel vehicles to remove nitrogen oxides from exhaust gas. However, it may soon be capturing more headlines as an AdBlue shortage could bring supply chains to a standstill triggering an unwanted butterfly effect.’
’ SKW Piesteritz Holding GmbH, which supplies roughly 40% of Germany’s AdBlue from its plant in Wittenberg, is now saying it needs a federal bailout to avoid broader shutdowns. The firm stopped production in August as monthly losses climbed to about 100 million euros , Saxony’s Economy Minister Sven Schulze said.’
Earlier this year.
'AdBlue prices to rise 170% amid shortage, predicts German economic association
AdBlue prices could increase by 170% in near future due to the limited production of the reagent, warns BWVL, a German economic association. According to its prediction, the increases will put supply chains under even more pressure.’
