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Sun Oct 14, 2012, 09:42 PM

'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan. -Guardian UK


'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan

The Sensata plant in Freeport is profitable and competitive, but its majority owner, Bain Capital, has decided to ship jobs to China and forced workers to train their overseas replacements


But, in the midst of the 2012 presidential election, Freeport is different. For Sensata is majority-owned by Bain Capital, the private equity firm once led by Mitt Romney, that has become a hugely controversial symbol of how the modern globalised American economy works. Indeed, Romney still owns millions of dollars of shares in the Bain funds that own Sensata.

So as Sensata strips out costs by sacking American workers in favour of Chinese ones, the value of Romney's own investments could rise, putting money into the pockets of a Republican challenger who has placed job creation in America at the heart of his bid for the White House.

The story of how Bain became involved in a car factory in a small town amid the rolling farmland of northern Illinois is emblematic of modern financial wheeling and dealing.

Bain bought the firm that was to become Sensata in 2006, when it was the Texan arm of a Dutch company. It then floated it on the stock exchange in 2010, but kept a majority stake. Sensata came to own the Freeport plant at the beginning of 2011 as part of a wider purchase of a car parts business from Honeywell.

Sensata spokesman Jacob Sayer said closing the Freeport plant to cut costs was a key element of the Honeywell deal. "If that had not been part of the strategy, then the deal would not have been so attractive," he said.

Bain has declined to comment. But it has made a lot of money from owning Sensata, quadrupling its initial 2006 investment. In business circles that focus on the bottom line is all that matters. But, not surprisingly, it cuts less ice in Illinois.

http://www.guardian.co.uk/business/2012/aug/10/illinois-workers-bain-outsourcing?CMP=twt_gu

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Reply 'I'm sick to my stomach': anger grows in Illinois at Bain's latest outsourcing plan. -Guardian UK (Original post)
we can do it Oct 2012 OP
ailsagirl Oct 2012 #1
dionysus Oct 2012 #2
ailsagirl Oct 2012 #3
we can do it Oct 2012 #4
ailsagirl Oct 2012 #5
malaise Oct 2012 #8
barnabas63 Oct 2012 #6
we can do it Oct 2012 #7

Response to we can do it (Original post)

Sun Oct 14, 2012, 09:45 PM

1. Count on the UK media to give it to us straight

Thanks for posting

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Response to ailsagirl (Reply #1)

Sun Oct 14, 2012, 09:47 PM

2. half of the UK media though... they have their own RW rags too..

they call the telegraph the torygraph

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Response to dionysus (Reply #2)

Sun Oct 14, 2012, 09:52 PM

3. This is true

I thought of that after I posted it.

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Response to ailsagirl (Reply #1)

Sun Oct 14, 2012, 10:01 PM

4. No problem, the UK isn't perfect but they seem to do news better than we do.

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Response to we can do it (Reply #4)

Mon Oct 15, 2012, 09:13 AM

5. They really do

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Response to ailsagirl (Reply #1)

Mon Oct 15, 2012, 11:32 AM

8. Count on the Guardian n/t

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Response to we can do it (Original post)

Mon Oct 15, 2012, 09:38 AM

6. Why just in Illinois?

Everyone around the country should know about this!

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Response to barnabas63 (Reply #6)

Mon Oct 15, 2012, 11:28 AM

7. I agree, however, not many people in the US have been informed due to failure of M$M to report it

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