Cyclic Hotline
7th Feb 2001, 20:46
Lafayette Daily Advertiser
PHI grounds 220 jobs
Terry O’Connor - Business Editor
LAFAYETTE — Petroleum Helicopters Inc. announced Tuesday that it is eliminating 220 jobs, including 180 in Lafayette.
At PHI, where the average worker tenure is 16 years, spokeswoman Daphne Babin said trimming personnel is especially cutting.
“We have a pretty close-knit work force,” Babin said. “Whenever something like this happens it is difficult — not only on the ones who are impacted but the ones who aren’t. You have many, many employees who have been here a long time.”
The reductions are effective immediately.
PHI officials said the terminations are necessary to help boost company stock and the bottom line. After the announcement PHI lost 15 8 Tuesday to close at 113 8.
In light of a two-year profit spiral, PHI had notified employees at the end of 2000 that terminations were likely. The outcome of the restructuring was announced Tuesday morning.
Lafayette is PHI’s operations headquarters with 730 employees before Tuesday. Babin said the personnel reductions leave 550 PHI jobs in Lafayette.
The majority of the jobs had been filled by administrators and mechanics with an average wage of $35,000, Babin said.
In Lafayette, 100 mechanics, shop personnel and other skilled tech positions were lost as well as 120 administrative and non-technical positions.
Overall PHI employment is reduced from 1,941 to 1,721.
PHI is offering severance and placement assistance to the employees it fired. An outplacement center has been organized to help employees look for work.
No helicopter pilots were laid off. PHI’s rocky negotiations with the newly organized pilot’s union have been broken off.
“We’ve bargained in good faith with the union for the past seven months and will continue to do so if the union desires to return to the bargaining process,” Babin said.
PHI grounds 220 jobs
Terry O’Connor - Business Editor
LAFAYETTE — Petroleum Helicopters Inc. announced Tuesday that it is eliminating 220 jobs, including 180 in Lafayette.
At PHI, where the average worker tenure is 16 years, spokeswoman Daphne Babin said trimming personnel is especially cutting.
“We have a pretty close-knit work force,” Babin said. “Whenever something like this happens it is difficult — not only on the ones who are impacted but the ones who aren’t. You have many, many employees who have been here a long time.”
The reductions are effective immediately.
PHI officials said the terminations are necessary to help boost company stock and the bottom line. After the announcement PHI lost 15 8 Tuesday to close at 113 8.
In light of a two-year profit spiral, PHI had notified employees at the end of 2000 that terminations were likely. The outcome of the restructuring was announced Tuesday morning.
Lafayette is PHI’s operations headquarters with 730 employees before Tuesday. Babin said the personnel reductions leave 550 PHI jobs in Lafayette.
The majority of the jobs had been filled by administrators and mechanics with an average wage of $35,000, Babin said.
In Lafayette, 100 mechanics, shop personnel and other skilled tech positions were lost as well as 120 administrative and non-technical positions.
Overall PHI employment is reduced from 1,941 to 1,721.
PHI is offering severance and placement assistance to the employees it fired. An outplacement center has been organized to help employees look for work.
No helicopter pilots were laid off. PHI’s rocky negotiations with the newly organized pilot’s union have been broken off.
“We’ve bargained in good faith with the union for the past seven months and will continue to do so if the union desires to return to the bargaining process,” Babin said.