NC’s Celgard, a green biz touted by Obama & showered w/ stimulus $$, to cut jobs

Posted by: ST on November 30, 2012 at 6:57 pm

Why? The demand for electric vehicles is not even close to meeting expectations. I know – shocking, right? Via The Charlotte Observer:

Company spokeswoman Beth Kitteringham said the [40] jobs lost come from among the company’s more than 700 Charlotte-region employees. Celgard has plants in Charlotte and Concord, where it makes key components for electric vehicle batteries.

“Demand for (electric drive vehicles) has not increased as quickly as our customers and their customers originally projected,” said Kitteringham via email. She said the decision was taken to align staffing with business needs. “However, the long-term trend for the market remains positive.”

[...]

Celgard is a subsidiary of Charlotte-based high-tech manufacturer Polypore. In its most recent quarter, Polypore reported that net sales slumped 6.5 percent, to $177.6 million, and profits fell to $14.2 million. That’s down from $23.6 million in profits during the same quarter last year.

Sales of the company’s electric drive vehicle and electronics products fell to $43.5 million, down from $56 million in the same quarter last year. Operating income for the segment was down by more than 50 percent, falling to $10.5 million from $26.5 million a year ago. Lower production levels of electric drive vehicles were cited as the main cause.

Politicians have touted Celgard as an example of a successful clean energy company. Celgard received a $49 million grant from President Obama’s stimulus program, and he made a speech at the company in 2010.

Am I laughing here? Of course not. People will be losing their jobs, and close to home – both here in Charlotte and next door in Concord. But the failure of green biz stimulus “experiment” was predicted by many … and is coming to pass, to the tune of billions of dollars to the US taxpayer.  This is further proof that government being in the “investment” business only benefits them, not you. As another example of that, let’s not forget that millions of our taxpayer dollars were awarded to green energy companies who had cozy relationships with the White House – including the failed Solyndra, for starters.

Move along here, nothing to see ….

RSS feed for comments on this post.

4 Responses to “NC’s Celgard, a green biz touted by Obama & showered w/ stimulus $$, to cut jobs”

Comments

  1. redgypsy says:

    …but, but, this was so …. UNEXPECTED! :((

  2. Electric cars are a stupid idea that will never catch on. This is becoming a predictable “kiss of death” for any business; being subsidized by the capitalist-ignorant Obhammud regime is the shortest and surest path to financial ruin. Come to think of it, that same principle applies to anything at which they throw money (auto bailouts, bank bailouts, health care, etc.).

  3. Carlos says:

    And, exactly when can we expect GM and Chrysler to pay off their “loans?”

    Oh, I get it. That will happen when the unions stop dictating terms of employment to management, backed, of course, by the full authority of the President and White House because, you know, you can’t have the money unless most of it goes to buy union votes…

  4. Bud H says:

    I have two cars. One is used for short trips of less than 20 miles total. I would love to have a small, rear wheel drive, light weight electric drive car for those trips. I have an electric drive ATV and it is great. No one seems to want to put electric drive into something like a 50′s MG or Mazda Miata type body. That is the problem. Also, I find modern cars boring to drive. One more thing, the problem with using flow resources as well as electric vehicles hinges on government trying to accelerate the development process. The cell phone industry, and personal computer industry give clear examples of how fast a technology can develop if the government isn’t trying to control it.