NewsMine — economy — united-states — 2004 — 2004-jan-mar — Viewing Item

Levi strauss zips up last us plants { January 9 2004 } Original Source Link: (May no longer be active)    http://www.orlandosentinel.com/business/orl-bizjeans09010904jan09,1,4286302.story?coll=orl-business-headlines http://www.orlandosentinel.com/business/orl-bizjeans09010904jan09,1,4286302.story?coll=orl-business-headlines Levi Strauss zips up last U.S. plants The company whose blue jeans have been an American icon is moving the rest of its production facilities overseas. By T.A. Badger The Associated Press January 9, 2004 SAN ANTONIO -- Levi Strauss & Co., the California Gold Rush outfitter whose trademark blue jeans have been an American clothing staple for generations, on Thursday closed its last two sewing plants in the United States. The financially troubled company has been steadily shifting production to overseas contractors for several years to cut costs and invigorate drooping sales in the ultra-competitive apparel market. About 800 workers at the 26-year-old San Antonio plants lost their jobs in the move, which was announced in September. Jeff Beckman, a Levi Strauss spokesman, said the 150-year-old company was making a delayed but ultimately unavoidable business decision. "We tried to do our best to maintain manufacturing in the United States, but we have to be competitive to survive as a company," he said. Sewing in San Antonio ceased about Thanksgiving and last month the company ended the laundering work done to give jeans their various finishes. More than 4 million pairs of jeans were once made each year in the plants. Workers earned, on average, $10 to $12 per hour. This spring, San Francisco-based Levi's will complete the shift to contract production by shuttering its three remaining company-owned plants in Canada. Privately held Levi Strauss has weathered seven straight years of declining sales after its revenue peak of $7.1 billion in 1996. In 2002, the company reported sales of $4.1 billion, and Beckman said the yet-to-be-released number for 2003 would be 2 percent to 3 percent lower than that. The company has seen its global work force shrink from more than 37,000 in 1996 to about 12,000 last month, roughly half of the positions in the United States, said spokeswoman Kari Otto Seymore. Along with its headquarters staff and a number of distribution centers, Levi's will continue to base its design and sales employees in the United States. Walter Loeb, a retail analyst in New York, says the profitability of moving production to China and elsewhere is worth more than a symbolic presence in the United States, where Levi's had made jeans since the 1870s. "Investors are not very sentimental these days," he said. Copyright © 2004, Orlando Sentinel

Adds fewer jobs than expected Blue chips in the red Bush says sending jobs overseas helps us { February 10 2004 } Data dispite bush rich label for small businesses Dollar hits 11 year low against pound Dollar plunges after us jobs data { March 5 2004 } Dollar slides as consumer data disappoint Dollar slips vs high yielders ahead of trade data Euro hits new high against dollar { February 18 2004 } Fed governor says inflation was too low Fed keeps rates steady calls for patience Gop cheers job increase { April 3 2004 } Greenback slides on lack of fed worries { January 6 2004 } Heineken warns weak dollar will hit profits Inventory levels low show wary business { March 12 2004 } Investors should worry about inflation risks Job growth stalls in february { March 5 2004 } Lack of new job deals blow to us economy { March 5 2004 } Levi strauss zips up last us plants { January 9 2004 } Manufacturing jobs replaced with mcdonalds Manufacturing news disappoints economists Misleading unemployment figures muddled job crisis Mutual fund 40bn inflows 2003 { February 5 2004 } Nasdaq leads surging wallstreet Ny fed warns of risks to us economy Reactions to fed rate left unchanged Real unemploytment rate higher argue economists Senator hollings discusses dangers sending jobs overseas { March 30 2004 } Sluggish job growth threatens recovery { February 10 2004 } States expect budget shortfalls Stocks slip oil prices a worry Treasuries surge as fed ackknowledges jobs gloom Us national debt tops 7trillion { February 18 2004 } Us stocks soar after 5 day tumble Files Listed: 34

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