LI BUSINESS
A35
Over the past year:
L
15,000
LI BUSINESS
DOW JONES
63.28 to 19,891.00
H
20,000
CRUDE OIL
$0.76 to $53.01
Over the past year:
L
$26
H
$56
Key:
L
Past year’s low
H
Past year’s high
FINANCIAL FIRMS
LEAD STOCKS DOWN
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newsday.com/biz
3 firms to lay off 168
2 manufacturers,
advertising company
to shift LI operations
BY CARRIE MASON-DRAFFEN
AND JAMES T. MADORE
[email protected]
[email protected]
Three companies have filed
layoff notices affecting 168
workers at their Long Island
operations, according to recent state regulatory filings.
Meopta U.S.A. Inc., Gordon
Sinclair and PCX Aerostructures detailed their plans in
WARN notices filed with the
state Labor Department. The
companies said in the filings
that they plan to shrink or
close their operations here.
Meopta Optika, a Czech Republic company that makes optical products, such as binoculars and rifle scopes, plans to
relocate the operations of
Hauppague-based
Meopta
U.S.A. Inc. to Florida in April,
affecting 42 employees, according to the filing. The Long Island operation houses the
sports optics and aerospace
and general defense-contracting divisions of the corporation, according to Meopta Optika’s website.
Calls to the Long Island facility seeking comment were not
returned, so it couldn’t be
learned if any of the employees would be offered jobs at
the Florida location.
Promotional-advertising company Gordon Sinclair in New
Hyde Park is relocating its production facility to Pennsylvania
and eliminating 81 of 98 jobs in
April, its WARN notice says.
The company, which develops
promotional products such as
coolers,
grocery
bags,
drinkware and gifts sets, will
keep its art, accounting and customer-service departments in
New Hyde Park, the notice says.
The company didn’t return
calls seeking comments.
Connecticut-based
PCX
Aerostructures, which makes
aircraft parts, plans to shift the
operations at its Ronkonkoma
facility to Mansfield, Texas,
eliminating 45 jobs. The notice
says that layoffs will occur between May 5 and Dec. 29, with
the site closing on the latter
date. The company also has an
East Farmingdale facility,
which wasn’t included in the
layoff notice.
In March, PCX Aerostructures was awarded 156 kilowatts
of low-cost electricity from the
state Power Authority for seven
years. The energy was for the
Ronkonkoma facility.
Authority spokesman Paul
DeMichele said yesterday PCX
hadn’t yet started using the allocation of low-cost power.
“We did award them the
power, but they never took
down the power,” he said.
“There is no issue of clawing
back, and the power will be
added back into the pool” to
be allocated to other eligible
businesses.
The state Worker Adjustment and Retraining Notification Act, or WARN, requires
companies with at least 50
full-time employees to file a
90-day notice of a mass layoff
or closing.
NOTABLE LI LAYOFFS (sinceSept.1)
Company
Location
Description
Jobs to be cut
Prestige Industries LLC
Bay Shore
Laundry
141
Triumph Structures
Westbury
Aerospace components
90
New Hyde Park
Advertising promotions
81
Riverhead
Financial services
76
Gordon Sinclair
Suffolk County National Bank
Kleer-Fax Inc.
Entertainment One
Amityville
Office products
70
Port Washington
Entertainment content
65
Best Buy
Lawrence
Retailing
60
Hamptons Luxury Liner
Bohemia
Transportation
53
PCX Aerostructures LLC
Ronkonkoma
Aerospace components
45
Hauppauge
Optical products
42
Hicksville
Retailing
28
Meopta U.S.A. Inc.
Sleepy’s
SOURCES: WARN notices filed with the NYS Department of Labor, Newsday research
NEWSDAY, FRIDAY, JANUARY 13, 2017
NOW ONLINE
Meopta U.S.A. Inc. of Hauppauge, which makes optical products, is moving manufacturing operations to Florida, affecting 42 employees.
newsday.com
Banks and other financial
companies led stocks modestly
lower yesterday, wiping out
much of the market’s gains
from a day earlier.
Phone companies, real estate,
utilities and health care stocks
eked out gains. Energy, technology and other stocks that posted
big gains in the weeks after the
November election lost ground.
Hess slumped 4.8 percent, and
chipmaker Micron Technology
fell 2.1 percent.
Banks, which moved sharply
higher through much of the
postelection rally in November
and December, were hurt by a
drop in bond yields, which can
push down interest rates on
loans, squeezing banks’ profits.
“The market has been running pretty nicely this year, so
this is just a little bit of a pullback, a little bit of a consolidation,” said Troy Logan, managing director at Warren Financial Service. “Anything that has
run well postelection has
pulled back somewhat today.”
The Dow Jones industrial average slid 63.28 points to 19,891. It
had briefly been down 183
points. The Standard & Poor’s
500 index ended down 0.21 percent to 2,270.44. The Nasdaq
composite snapped a seven-day
winning streak that delivered
five consecutive record highs.
Yesterday the index fell 0.29 percent to 5,547.49.
— AP
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