Miller Industries announces more than 100 layoffs, including at Fayette County car manufacturing plant
According to a report from WKBN, Miller Industries is cutting 150 jobs across three facilities, including one car manufacturing plant in Hermitage.
"This was an incredibly difficult decision, and we understand the impact it will have on our employees and their families," said Miller Industries CEO William Miller II. "We are deeply grateful for the contributions of each individual who is leaving the Company. They have been instrumental in our success, and we wish them well in their future endeavors."
Miller Industries said in its release that the layoffs are part of a comprehensive cost reduction plan that is in place due to ongoing challenges, which include reduced sales and lower order intake.
Those affected by the layoffs will get financial and benefit assistance, along with career transition resources.
Overall, Miller Industries did not specify how many positions would be cut at each facility.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
13 minutes ago
- Yahoo
Where Will Realty Income Stock Be in 1 Year?
Key Points Realty Income stock trades down nearly 30% from its peak in February 2020. Despite its challenges, the size of the property portfolio and the dividend have increased dramatically since the stock peaked. Its valuation appears attractive when measured against a key metric. 10 stocks we like better than Realty Income › Realty Income (NYSE: O) may finally be getting the catalyst it needs. The company specializes in single-tenant net-leased properties and has built a massive property portfolio in its 56 years of existence. Still, despite that growth, the stock continues to trade well below its high just before the pandemic in early 2020. However, it may finally be getting the catalyst it needs this fall. If a particular, widely expected event takes place in September, the long-overdue recovery in Realty Income stock could finally begin. The factor that should finally boost Realty Income stock Over the next year, Realty Income may finally be getting its savior in the form of a September interest rate cut. According to the CME Group, rates futures traders have priced in a 95% chance of a rate cut in September, and those odds rose after the U.S. Bureau of Labor Statistics released a cool Consumer Price Index (CPI) report. For July, the CPI came in at 0.2%, translating into a 2.7% inflation rate for the year. Additionally, Treasury Secretary Scott Bessent speculated that the rate cut could come in at 0.5%, a notable change since most analysts had expected a 0.25% rate cut. Bessent also believes rates should ultimately be 150 basis points lower or more. Interest rates are critical to Realty Income, considering its dependence on capital. The stock reached its all-time high in February 2020, and despite rising steadily since late 2023, Realty Income sells at nearly a 30% discount from its peak. Nonetheless, its business and financial performance stand in contrast to the stock's behavior. As of the end of the second quarter of 2025, it owned or held an interest in more than 15,600 properties. When the stock peaked in 2020, its portfolio was barely above 6,500 properties, and it grew by buying competitors and developing additional properties internally. Moreover, during that time, it increased its monthly dividend several times per year, including during the pandemic. Now, its yearly dividend of nearly $3.23 per share amounts to a dividend yield of 5.5%, far above the S&P 500 average of 1.2%. The opportunity over the next year (and beyond) Additionally, the current interest rate levels have not deterred growth. In the first half of 2025, its revenue of $2.8 billion rose 7% compared to the same period in 2024. In comparison, its expenses grew by 6%, and its second-largest expense category was also interest payments. Since those rose by 13%, investors understandably want to see some relief in that area and may get it if Realty Income can refinance some debt or borrow more at lower rates. Still, it earned nearly $447 million in net income attributable to common shareholders in the first two quarters of 2025, rising 16% yearly despite higher interest rates. Furthermore, lower interest rates could persuade investors to take a closer look at its valuation. Its P/E ratio of 56 is slightly above the 54 average over the last five years. However, Realty Income is a real estate investment trust (REIT), meaning funds from operations (FFO) is a more critical metric than net income. FFO income for the trailing 12 months was over $3.65 billion. That gives it a price-to-FFO ratio of just under 15, a level that could make Realty Income stock even more attractive in an environment of falling interest rates. Realty Income in one year Amid likely interest rate cuts beginning in September, the recovery in Realty Income stock could begin in earnest over the next year, increasing the likelihood of market-beating returns. Indeed, its stock is in a long-term slump, likely because of interest rates. Although it probably would have earned a larger profit with lower interest rates, Realty Income still grew the size of its property portfolio and its dividend during that time. Assuming the forecast interest rate cut occurs, the company will likely have more ability to refinance some of its debt and acquire or build additional properties, which should boost its profits. When also considering its 5.5% dividend yield and a price-to-FFO ratio of 15, the long-awaited recovery in the stock price could accelerate if lower rates serve as a catalyst for the stock. Should you invest $1,000 in Realty Income right now? Before you buy stock in Realty Income, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Realty Income wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,155!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,106,071!* Now, it's worth noting Stock Advisor's total average return is 1,070% — a market-crushing outperformance compared to 184% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 13, 2025 Will Healy has positions in Realty Income. The Motley Fool has positions in and recommends Realty Income. The Motley Fool recommends CME Group. The Motley Fool has a disclosure policy. Where Will Realty Income Stock Be in 1 Year? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
15 minutes ago
- Wall Street Journal
The New AI Data Trade: Web Publishers and Startups Look to Cash In
AI companies need large quantities of data to fuel their large language models. Content and data from internet publishers and videos are important sources for them. But publishers and content creators want credit and compensation for their work. Companies like Reddit have responded by filing lawsuits against AI companies. Big publishers like the New York Times have struck content deals to license their data to AI companies for millions of dollars. This has opened the door for a new stream of revenue. But what about smaller players?
Yahoo
26 minutes ago
- Yahoo
Can Bad Bunny and Selena Gomez make Americans snack again?
What do Bad Bunny, Selena Gomez and Walton Goggins all have in common? It's not a red carpet premiere, but major food companies are hoping their star power will inspire Americans to snack again. Earnings from Mondelēz International, PepsiCo, General Mills, J.M. Smucker, and The Campbell's Company in recent weeks have all showed sluggish sales in North America. Consumers continue to pull back spending on name brand products, opting to either to buy cheaper store labels or not buy snacks at all. 'It's a difficult time because people are seeing their budgets get tighter, and as much as they enjoy snacking and snacking brands give them pleasure, it can be something to cut off their shopping lists,' said Jenny Zegler, director of Mintel Food and Drink, a consumer analysis firm. 'Snacking is more of a fun purchase.' So, companies are amping up the celebrity partnerships to lure eaters back. Salty and sweet Executives for Mondelēz, which makes numerous household staples like Ritz, Oreos and Wheat Thins, said on its July 29 earnings call that 'consumer anxiety' and a 'shift to essential items' hurt North American sales. The company reported a 3.5% decline in revenue. A standout was Ritz, which generated $1.5 billion in sales last year. But even that brand is experiencing a 'slowdown' in demand in recent months, according to Steven Saenen, the category president for savory snacks at Mondelēz, so it's looking to modernize. The 91-year-old salty cracker brand is introducing new flavors to attract Gen Z eaters, like a swicy-infleunced hot honey, offering value packs for cost-conscious consumers, and hiring superstar Bad Bunny. Saenen hopes the Bad Bunny collaboration will spark sales with the growing Latino demographic. The singer starred in Ritz's first-ever Super Bowl ad earlier this year, and the brand recently extended the partnership by sponsoring his sold-out residency in Puerto Rico. 'He's a true cultural icon for multicultural and Hispanic audiences,' Saenen told CNN. 'He's also a self-professed lover of the Ritz brand himself, so we think it's a perfect collaboration.' Another Mondelēz brand, Oreo, also partnered with a multi-hyphenated Latin superstar, Selena Gomez, to create a cookie inspired by her love of horchata, a cold, sweetened drink often made from ground rice or nuts and flavored with cinnamon. This follows the model of a successful Lady Gaga collaboration in 2020 and another with singer Post Malone in 2025. Celebrity-created flavors brought in new customers and helped grow its awareness among Gen Z. Partnerships have 'become even more important as consumers' purse strings tighten and they don't have a lot of disposable income to spend,' Michelle Deignan, vice president of Oreo US, previously told CNN. 'What we've seen is bringing credible partnership, like Selena, makes it worth it for consumers to part with their hard-earned cash.' A Mondelēz spokesperson said Gomez's cookie was one of its top three biggest launches for Oreo, but noted it was too early to offer specific numbers. Celeb collaborations help consumers justify a pricier purchase because they offer a 'crossover between one or two things that I know and I already love,' said Mintel's Zegler. 'Some of these brands are trying to stay relevant to consumers and remind them of the fun and the joy and the excitement that these brands can bring,' she added. And a dash of spicy Doritos, which recently released a new 'Golden Sriracha' flavor, hopes to emulate the success of 'Cool Ranch' and 'Nacho Cheese.' The PepsiCo-owned chip tapped Walton Goggins to help garner attention. 'The White Lotus' actor stars in a cheeky ad that spoofs 1970s adult films, playing a plumber making a house call to a blond bombshell. Just as the innuendo-filled conversation reaches its climax, Goggins ruins the moment by describing the leak using actual plumbing terms. 'You think the film's going to go in a 'spicy direction,' but Walton's character comes in with a plot twist before things go too far,' said James Wade, senior marketing director for Doritos. 'This idea is just like the chip — that it's going to be spicy, but it's really not.' PepsiCo could use a poke in the side: Volumes for its company's North American food division shrunk 1% in its most recent quarter. Category sales for corn chips, which Doritos sits in, also declined 1% for the year ending on July 26, according to NIQ. Zegler doesn't expect star collaborations to fade anytime soon, especially since the major food brands have an advantage over private labels: bigger ad budgets. 'Consumers rethinking how much they're going to buy of some of these brands is going to remain a constant, so that's where these limited edition releases or marketing campaigns might help keep a brand in the shopping cart,' she said. 'These crossovers help with that relevancy.' Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
