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Joy Global announces indefinite layoffs affecting 100; loses S&P 500 listing

Joy Global (NYSE:JOY) is announced a indefinite closure at a heavy fabrication and welding plant in Wisconsin.

About 100 works will be impacted. Joy Global blamed the layoffs on challenging conditions. Plant closure will begin Nov. 30 and the layoffs are currently indefinite.

United Steelworkers Local 1114 President Chris Chappelle said members are reeling from the announcement.

“It was kind of like a gut punch. I think most of them were shocked,” Chappelle told WISN.

Joy Global also dropped from the S&P 500 today. It will be joining the S&P MidCap 400.

Verisk Analytics Inc. will take Joy Global’s place on the S&P 500. Verisk provides information about risk to professionals in insurance, healthcare, financial services, government, supply chain, and risk management.