Vulture Capitalists Steal Jobs
By Gregory William
The Walle Corporation is a sign and label-making firm founded in New Orleans in 1872. On December 6, the company’s new owners announced they are shutting down their Harahan factory, leaving 101 workers jobless.
These workers are the victims of financial predators. Only a month ago, Walle was taken over by the Fort Dearborn Company, a label-maker based in Chicago. Fort Dearborn is controlled by a private equity firm called Advent International, which has been buying up similar firms across the U.S., cutting jobs and closing operations left and right. This is a common story in today’s economy.
Private equity firms are companies that produce nothing. They specialize in buying up and “restructuring” other businesses (laying off workers to increase profits). Sometimes this is done to resell the company at a higher price, but often the intention is merely to shut the company down and take the wealth that has been generated by the workers. This is what happened in October when Bayou Steel filed for bankruptcy and closed its plant in LaPlace after being acquired by the private equity firm Black Diamond.
Harlan County miners show the way
Workers in this situation can learn from the recent resistance of miners in Harlan County, KY. After being laid off by coal giant Blackjewel, these workers set up camp on the railroad, blocking the transport of coal that they had mined.
Initially, Blackjewel was not even going to pay the wages they owed, but their militant actions (which involved union and non-union workers, as well as support from transgender activists and others) resulted in the workers getting $5.5 million in back pay.
Workers at Walle should claim their right to the Harahan factory
Walle employees in Harahan could occupy the facility, preventing the products of their labor from being hauled off, especially if they are supported by the broader community. They can demand that the factory stay open, run by a democratic assembly of the workers. This has worked many times in recent history. After financial troubles began rocking Argentina in 2001, workers took over many businesses, including hotels, factories, and waste collection services. By 2014, as many as 311 businesses across the country were occupied. Workers can, and do, run things without parasitic bosses.
The New Orleans Workers Group is willing to organize and stand in solidarity with any Walle Company workers who want to fight. We must dare to struggle and dare to win!