Regal Beloit to institute seasonal layoffs

The Springfield operation of Regal Beloit (NYSE: RBC) has informed employees it will lay off a portion of its local workforce due to seasonal demands.

The local plant, 2401 E. Sunshine St., will lay off 85 of its employees, shrinking its Springfield workforce to 265 from 350, said John Perino, vice president of investor relations for Beloit, Wis.-based Regal Beloit Corp. He noted the layoffs are scheduled for Oct. 15.

Cuts for the Springfield plant will mostly be manufacturing and assembly positions in second and third shifts, Perino said.

Perino said the local manufacturing facility builds motors it sells to other manufacturers, that incorporate Regal Beloit's products into HVAC systems. Because air conditioners require as many as four motors, and heaters may only use one, Perino said demand for the Springfield plant's products dies down in the winter months.

"We've seen these seasonal trends for many, many years. It's nothing unusual to us," he said, noting employees that are laid off are the first on the list to be hired when the local plant's more demanding season picks back up in warmer months.

Publicly traded Regal Beloit Corp. recorded second-quarter earnings of $64.3 million, a 78.6 percent increase from net income of $36 million in the same quarter of 2011, according to its latest quarterly release posted July 31.

As of 10:39 a.m., the company's shares were trading at $57.80, compared to a 52-week range of $41.40 to $59.60[[In-content Ad]]