Friday, March 02, 2001

Morning Memo

Hot tips and news to start your business day

Today's number: 1,100

        Employees to be cut by Southfield, Mich.-based Federal-Mogul Corp., about 8.6 percent of the salaried work force, to stem losses at the world's largest maker of automotive engine bearings and seals.

Today's money tip

        Don't cash out retirement plans when changing jobs, even if the plan's balance is very small. Roll the amount into your new employer's plan or into an Individual Retirement Account.

        If you cash out, not only do you stand to lose almost half the money to taxes and fines, but even small amounts can grow to a sizable amount over time with compound interest. Just $5,000 grows to $140,000 after 35 years of 10 percent compounded interest — even if you don't add another dime.

Today's career tip

        Bosses who say they can't hire good workers are usually indicating that they are poor bosses, claims Barry Maher in his book Filling the Glass.

        They're telling you they aren't adding enough water to the glass — they aren't providing sufficient incentive for people to meet their standards.

        This is business. Both sides are hoping to benefit from the transaction. Otherwise it's not business — it's charity. And in business, you never want to rely on charity.

Today's company: The Original Mattress Factory

        Springing to life: The company was founded in 1990 in Cleveland by a former president of Sealy. The local factory was opened in 1993.

        See what makes it tick: Consumers can watch mattresses and box springs taking shape, from springs to ticking, at the factory showroom in Fairfield.

        High cotton: The company says it uses 100 percent cotton in its mattresses. Last year, mattresses manufactured here required 250,000 pounds of the stuff.

Today's promotion

        • Boon P. Lim has joined R.A. Jones & Co. as regional account manager, Asia-Pacific, and the company has announced the establishment of the new R.A. Jones Asiapak office in Singapore. Mr. Lim will be responsible for developing markets for Jones' machines in Asia. He was regional manager, Northeast Asia; regional manager, Southeast Asia; and general manager in Southeast Asia, Taiwan, China and Hong Kong with the Mettler-Toledo Co. He attended Bloomsburg University in Pennsylvania, where he received his master's degree in finance.


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