LIXIL's Texas Trim: 65 Jobs On The Chopping Block, WARN Filings Reveal
The The Worker Adjustment and Retraining Notification (WARN) Act requires companies with 100 or more employees to provide 60 days' notice in advance of plant closings or mass layoffs. While a WARN notice typically signals that a layoff will occur, execution is not guaranteed. Economic reversals, strategic shifts, or new funding can sometimes result in rescinded or reduced layoffs.
LIXIL, headquartered in Tokyo and active in over 150 countries, describes itself as a maker of 'pioneering water and housing products that make better homes a reality for everyone, everywhere.' The firm was formed through a 2011 merger of five major Japanese housing and building materials companies and now owns global brands such as GROHE and American Standard, according to the company's website.
Its financial forecast, published on its investor relations page, projects modest revenue and earnings growth for the fiscal year ending March 2026. Revenue is expected to rise by 2% to 1.54 trillion yen (about $10 billion), with core earnings climbing 12% to 35 billion yen. The Water Technology Business, LIXIL's largest segment, is projected to grow 3% in revenue and 10% in core earnings year-over-year.
The layoffs in Tarrant County come amid LIXIL's global positioning efforts and product innovation push. In the absence of a public explanation for the decision, it is unclear whether the move is part of a broader restructuring or a localized adjustment.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 hours ago
- Yahoo
Musk warns of ‘rough' quarters ahead amid Tesla revenue slump
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: Provisions of the tax and spending plan included in the Big Beautiful Bill relating to the electric vehicle market have left Tesla in a 'weird transition period,' with the automaker poised to lose certain incentives in the U.S. market, CEO Elon Musk said Wednesday during the company's earnings call. 'I mean, does that mean like we could have a few rough quarters? Yes, we probably could have a few rough quarters,' Musk said relating to the impact of such shifts in response to questions. The Austin, Texas-based company faces several 'near-term challenges' related to the negative impacts of the Trump administration's spending plan as well as tariffs, CFO Vaibhav Taneja said Wednesday according to a transcript. For its Q2 of 2025, the EV maker saw a slump in both revenue and profit for the second consecutive quarter. Dive Insight: Among other regulatory shifts likely to affect the business, the tax bill ends a $7,500 EV tax credit in September, as well as reducing the amount of penalty for certain emission standards to zero — which will affect new sales of regulatory credits and in turn contribute to lower revenue, Taneja said during the call. Because of the 'abrupt change,' Tesla has a limited supply of vehicles in the U.S. for this quarter, he said. 'If you are in the U.S. and looking to buy a car, place your order now as we may not be able to guarantee delivery orders placed in the later part of August and beyond,' Taneja said. The CFO also warned of a continuing negative impact related to tariffs, noting sequentially, the cost of tariffs 'increased around $300 million with approximately two-thirds of that impact in automotive and [the] rest in energy,' he said. 'However, given the latency in manufacturing and sales, the full impact will come through in the following quarters, and so costs will increase in the near term.' For its second quarter ended June 30, the EV maker saw a dip in both revenue and profit, with total revenue declining 12% year-over-year to $22.5 billion, according to its earnings presentation. Operating income, meanwhile, slumped by 42% YoY to $0.9 billion, while net income attributable to shareholders dropped by 16% to approximately $1.1 billion. Tesla attributed the slide partly to lower vehicle deliveries and sales, after it reported a 14% decline in deliveries on July 2. Despite poor sales, however, Musk noted he was still optimistic about the company's future and championed certain new initiatives during the Wednesday call, including its 'robotaxi' pilot in Austin, where the EV maker is testing out autonomous vehicles. The quarterly results come as Tesla continues to face increased attention from both consumers, investors and regulators. The EV maker is facing two separate suits surrounding its self-driving technology, including a jury trial unfolding in Florida surrounding a 2019 crash. Tesla is also clashing with the California Department of Motor Vehicles surrounding claims that it misled consumers about the capabilities of its self-driving technology, Bloomberg reported. Tesla also continues to field backlash against CEO Musk's political activities, with shares of the EV maker falling in July after Musk announced he would be forming an independent political party, the New York Times reported. The company's executive leadership fell under further scrutiny after two separate filings with the Federal Election Commission also listed Taneja as the treasurer for 'America Party (AEMP)' and 'The America Party (TAP),' respectively, CFO Dive previously reported. The FEC has sent letters addressed to the parties noting certain details may be incorrect — the filings each give an erroneous California address for the party and list a phone number which leads to Tesla's investor relations team — and asking for further information by Aug. 11. Tesla shareholders have also upped the pressure on Musk as the company continues to see weak sales, with a group of 27 shareholders sending a letter to company leadership listing growing concerns surrounding its corporate governance before the company designated the date of its annual shareholder meeting, CFO Dive previously reported. As Tesla continues to make further investments into new technologies, including artificial intelligence, robotaxis, and robotics, an analyst on Wednesday questioned if Musk was 'comfortable' making investments in such areas, given his current control over the business. Musk owns approximately 410 million shares of Tesla common stock, representing about a 13% stake. 'That is a major concern, as I've mentioned in the past, and I hope that it's addressed at the upcoming shareholders' meeting,' Musk said in response. 'I think as I've mentioned before, I think my control over Tesla should be enough to ensure that it goes in a good direction, but not so much control that I can't be thrown out if I go crazy,' he said. Sign in to access your portfolio
Yahoo
13 hours ago
- Yahoo
Schwab Rises After Announcing $20 Billion Share Buyback Program
(Bloomberg) -- Charles Schwab Corp. announced a $20 billion share buyback program on Thursday, sending the company's shares rising. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom The Westlake, Texas-based firm said the program replaces a prior authorization which had about $6.9 billion of repurchases remaining, according to a statement Thursday. The new program authorizes the repurchase of $20 billion in common stock though the firm didn't give a timeline for the buybacks. Schwab's co-chairman Walt Bettinger said the decision represents the firm's 'sustained business and financial momentum as well as our continued confidence in the long-term prospects for the firm,' in the statement. Shares of the firm extended their gains in late trading in New York and were up 2.7% at 5:02 p.m. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border How Hims Became the King of Knockoff Weight-Loss Drugs ©2025 Bloomberg L.P.
Bloomberg
13 hours ago
- Bloomberg
Schwab Rises After Announcing $20 Billion Share Buyback Program
Charles Schwab Corp. announced a $20 billion share buyback program on Thursday, sending the company's shares rising. The Westlake, Texas-based firm said the program replaces a prior authorization which had about $6.9 billion of repurchases remaining, according to a statement Thursday. The new program authorizes the repurchase of $20 billion in common stock though the firm didn't give a timeline for the buybacks.
