Vindy.com Newswatch
Turning Technologies furloughs 31

YOUNGSTOWN — The region’s hottest company has been cooled off by the recession.

Turning Technologies laid off 31 workers Wednesday, saying that its growth in 2008 was slower than expected.

Mike Broderick, company chief executive, noted that Turning Technologies added 48 workers last year because it expected sales to continue to rise at a brisk clip.

Sales rose to $30 million last year, which was a 15 percent increase, but the company had planned for a 30 percent increase.

The last quarter of 2008 was more difficult than expected, especially for the company’s division that sells to corporations, Broderick said. Many of these customers froze their purchasing budgets as the recession and credit crisis worsened, he said.

Turning Technologies has been a rising star for Youngstown for some time and is the anchor to the Tech Block that is being developed downtown.

Read more in Thursday’s Vindicator and Vindy.com