Another Solyndra?

Romney's Bain Capital Is Sending a Bunch of High-Tech Jobs to China on the Day Before the Election

On the day before an election that's supposed to hinge on jobs, taxes and the middle class, Bain Capital, the company Mitt Romney founded, will close the doors of a factory in Freeport, Illinois, and ship 170 good, high-tech jobs to China.

The employees of Sensata Technologies were forced to train their Chinese replacements, and the American flag that long flew over the factory was reportedly removed while the Chinese engineers were visiting the site. A group of workers have set up camp across from the factory -- calling it “Bainport” -- and some supporters have tried to block the trucks hauling equipment out of the plant. According to Dave Johnson , there have been several arrests.

Sensata workers have asked to meet with Mitt Romney and hoped to enlist his help keeping their jobs in the United States, but he has refused, instead remaining on the campaign trail where he speaks often about “getting tough” with China.

The most important part of the story is that Sensata Technologies is profitable operating in Illinois. Net income last year was $355 million, up 16 percent from 2010. The company reported total revenues of $1.8 billion in 2011, up almost 19 percent from the year before. According to a company financial statement , “both 2011 net revenue and adjusted net income represent record levels for the company.”

So this has nothing to do with “making hard choices” in the process of turning around a failing business, which is how the Romney campaign describes Bain's corporate raiding. Bain's partners are looking for a modest boost in profits by locating the plant closer to the booming Asian automotive market (Sensata makes high-tech automotive parts). They'll get a small tax break for relocating the plant – the one Mitt Romney insisted did not exist during the first debate – and possibly defer taxes on some of the income the company generates.

http://www.alternet.org/election-201...tter728438&t=8