The Bain Legacy
inthesetimes.com — The new bosses billed the meeting in late January 2011 as their ‘welcome’ to the 200 workers at a long-established factory in Freeport, Ill. Maybe the description reflected some dark corporate humor lost on the workers, but just three minutes into their welcome, the new managers from Sensata announced that all the jobs in the factory — which produces finely calibrated sensors for the automobile and other industries — would be moved to China or another country by 2013. Sensata is the creation of Bain Capital, a private equity fund co-founded in 1984 by Republican presidential candidate Mitt Romney. Sensata was assembled from various sensor manufacturers in 2006, and it has continued its acquisitions even as the U.S. share of its workforce declines sharply. Bain’s strategy for this basically healthy, moderately high-tech manufacturing sector of the U.S. economy is apparently to transfer all the work offshore.