Peterbilt Permanently Closing Middle Tennessee Plant

By
Real Estate Agent with Reliant Realty - Nashville Short Sale & Foreclosure Help TN RE Lic # 320030
According to this Nashville Business Journal article, Peterbilt permanently closing Tennessee plant, effective 12/1/2009 Peterbilt Motors Co., the well known truck manufacturer, will shutter the Madison Tennessee (located in Davidson County TN northwest of Nashville TN) plant. According to the article, "The Madison plant had not built trucks since July 2008, when the company and the United Auto Workers Local 1832 were unable to agree on a new contract. But company officials said the decision to shutter — and eventually close — the plant was a result of falling demand for the heavy-duty trucks, not because of labor issues." The article quotes Bill Jackson, Peterbilt General Manager, as saying "This was a difficult, but necessary decision. The current and projected market conditions are very challenging and Peterbilt is aligning its production capacity with market demand. Peterbilt is proud to have been a member of the greater Nashville community for 40 years and we thank our employees for their excellent contribution." According to the article, all of the company's truck manufacturing will move to Peterbilt's other plant in Denton, Texas. The article states "The 2,000-worker facility, which does not have union representation, announced layoffs there in January, though the company didn’t specify how many jobs were impacted, saying only that it was a small number. At the Nashville plant, 313 workers were laid off in June 2008 when the contract expired, according to the Tennessee Department of Labor." While Peterbilt officials said that the Madison TN plant closing was a result of market conditions, not union/labor issues, I have to believe that the union was a major factor in the plant closing. The fact is that unions cause companies to earn less and to layoff workers in order to remain competitive. In this case the union caused the loss of at lease a large percentage of the 313 lost jobs. Given that 25% of homeowners have no savings to cover their living expenses if they were to lose their jobs (see my previous blog post Too Many Homeowers Have No Savings) I think it is reasonable to conclude that more job losses will cause more short sales and foreclosures in Middle Tennessee as a large percentage of unemployed people in Middle TN cannot pay their mortgages even for a short period of time due to a lack of savings.
Posted by

Jim McCormack
Broker, REALTOR, e-PRO
Short Sale Specialist

Reliant Realty
256 Seaboard Ln
Ste E-105
Franklin, TN 37067

TN Real Estate Broker
License# 320030


Direct (615) 796-6898 - PREFERRED
Office (615) 859-7150

Web www.JimTheRealEstateExpert.com
Web www.JamesMcCormack.com
Blog www.EndingForeclosures.com
Blog www.HaltingForeclosures.com
ActiveRain Jim McCormack on ActiveRain
Zillow Jim McCormack on Zillow
Trulia Jim McCormack on Trulia
LinkedIn Jim McCormack on LinkedIn
Google Jim McCormack on Google
Twitter Jim McCormack on Twitter
Facebook Brentwood Short Sales on Facebook

Short Sale, Foreclosure, Distressed Real Estate and Investment Property Real Estate Service Areas in Middle Tennessee:
    • Rutherford County Short Sales & Foreclosures
    • Williamson County Short Sales & Foreclosures
    • Davidson County Short Sales & Foreclosures
    • Maury County Short Sales & Foreclosures
    • Wilson County Short Sales & Foreclosures
    • Antioch Short Sales & Foreclosures
    • Bell Buckle Short Sales & Foreclosures
    • Brentwood Short Sales & Foreclosures
    • Christiana Short Sales & Foreclosures
    • Franklin Short Sales & Foreclosures
    • Gallatin Short Sales & Foreclosures
    • Hendersonville Short Sales & Foreclosures
    • Hermitage Short Sales & Foreclosures
    • La Vergne (LaVergne TN) Short Sales & Foreclosures
    • Madison TN Foreclosures and Short Sales
    • Mount Juliet (Mt. Juliet) Short Sales & Foreclosures
    • Murfreesboro Short Sales & Foreclosures
    • Nashville Short Sales & Foreclosures
    • Nolensville Short Sales & Foreclosures
    • Smyrna Short Sales & Foreclosures
    • Spring Hill Short Sales & Foreclosures
    • Thompsons Station Short Sales & Foreclosures

Jim McCormack is a Nashville Real Estate Broker who provides Expert Real Estate Solutions for for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties) Homeowners and Real Estate Investors Facing Foreclosure and Needing to Short Sell Their Homes and/or Investment Properties. Jim Specializes in Short Sales and Foreclosures and Providing Sellers Short Sale Help and Foreclosure Help. Jim's Help is Free to Nashville TN Short Sale Sellers. Jim Helps Sellers Stop Bank and Mortgage Foreclosure with a Short Sale, or a Fast Cash Offer. Avoid Foreclosure by Working Directly with a Nashville Tennessee Real Estate Specialist and Investor who is Uniquely Skilled, Honest, Compassionate, Caring and Exceptionally responsive to the needs of his clients. Jim Encourages You to See What His Clients Say About Him. For Buyers, Jim understands the Various Nashville Tennessee Housing and Investment Real Estate Markets Extremely Well and is Particularly Skilled at Assisting Buyers with Determining the Market Values of Homes and Investment Properties. Due to that Real Estate Valuation Expertise, Jim can Help Nashville Home and Investment Property Buyers Get Fantastic Deals on Their Nashville Area Real Estate Purchases.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Tennessee Davidson County
Groups:
Tennessee
Short Sales Specialists
Short Sales Pre Foreclosures Bankruptcy and More!
Short Sale REALTORS®
Foreclosures & Short Sales
Tags:
foreclosures
job losses
layoffs
madison tn
peterbilt
plant closing
short sales
unemployment
unions

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention
Rainmaker
255,306

Jim McCormack

Nashville Short Sale REALTOR - Stop Foreclosure
Find Out More About Short Sales
*
*
*
Spam prevention

Additional Information