Monday, October 10, 2005
Jefferson-Pilot Being Acquired By Lincoln National
It appears likely that Lincoln National is acquiring Jefferson-Pilot, the largest company based in Greensboro.
My thoughts turn immediately to my sister Emily, who is an attorney at JP. Lincoln no doubt has a full legal staff, and I assume some or all of JP's legal staff might be let go.
On a larger scale, it is hard to imagine that this deal is going to be good for Greensboro in any respect. These mergers are often designed to increase efficiency, and the elimination of hundreds of jobs is usually in that equation.
The downtown JP tower already has multiple vacant floors. And of course, the JP property in the Sedgefield area has been vacant for over a decade. I do not see a rising service industry to fill that space.
This leaves VF Corporation as the only company based in Greensboro with a market cap over $ 1 billion.
My thoughts turn immediately to my sister Emily, who is an attorney at JP. Lincoln no doubt has a full legal staff, and I assume some or all of JP's legal staff might be let go.
On a larger scale, it is hard to imagine that this deal is going to be good for Greensboro in any respect. These mergers are often designed to increase efficiency, and the elimination of hundreds of jobs is usually in that equation.
The downtown JP tower already has multiple vacant floors. And of course, the JP property in the Sedgefield area has been vacant for over a decade. I do not see a rising service industry to fill that space.
This leaves VF Corporation as the only company based in Greensboro with a market cap over $ 1 billion.
