Workers facing outsourcing by Bain Capital are camping outside the Sensata factory in Freeport, Ill. They are asking Mitt Romney to show up and help save their jobs. They say they will stay camped there until Romney shows up and stands with them – or with Bain.
Mitt Romney can can use this to show us if he wants to be president of the whole United States, or just president of, by and for the outsourcing 1 percenters.
The private equity firm Bain Capital put together Sensata Technologies in 2006 to make and sell sensors and controls to car makers and other manufacturers. The company is closing the Freeport, Ill. plant and outsourcing the 165 jobs to China. The workers have to train their Chinese replacements before they are laid off.
Sensata is making plenty of money. According to the company's website:
- Second quarter 2012 net revenue was a record $504.6 million, an increase of 10.9% from the second quarter 2011 net revenue of $455.0 million.
- Second quarter 2012 net income was $26.1 million, or $0.14 per diluted share, versus second quarter 2011 net (loss) of $(34.6) million, or $(0.20) per diluted share.
- Second quarter 2012 Adjusted net income1 was a record $97.5 million, or $0.54 per diluted share, versus second quarter 2011 Adjusted net income1 of $92.2 million, or $0.51 per diluted share.
Sensata explains that Chinese workers cost less.
Mitt Romney started Bain Capital in 1984. He left the company in 1999, or 2000, or 2001, or 2002, or later, or earlier, depending on which year is best. In 2012 he is clearly no longer with Bain, while receiving only approximately $440,000 a weekfrom the company.
Efforts To Get Sensata To Reconsider
The Freeport, Ill., City Council unanimously passed a resolution on July 16 asking Romney to come and help save the workers' jobs.