The cornerstone of the Valencia community and developer for the last 40 years of it - Newhall Land and Farm, is also seeing it’s share of economic struggles, as they made a “workforce reduction” on Tuesday. The West Ranch Beacon reported a “source” at the company said approximately 20 employees at Newhall Land were given notice. The local newspaper for Santa Clarita, The-Signal, reported this event on Thursday, but made no mention of how many employees at the company this effected, claiming that Marlee Lauffer, the company spokeswoman, would not comment on that.
Newhall Land and Farm, is partly owned by Miami, Florida based national developer, Lennar. Lennar posted a 2007 3rd quarter loss of $513.9 million, the biggest loss in the company’s 53 year history. As of September, Lennar had cut it’s workforce by 35%, and had plans to make more cuts, as they halt certain development projects. This, as Lennar watched their own “cut” happen in their S&P debt status, which was chopped down to a “junk” rating.
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