That's about right.
When GE was building large transformers in Pittsfield, MA, the union always had their panties in a bunch. One of my friends said his uncle always said, "We'll bring this company to it's *KNEES*!"
Well, they did. Jack Welsh took over and saw all the trouble in the transformer division, and sold it to Westinghouse. Engineers were retained and sent to Westinghouse to help them set up, but the Rank and File were given pink slips. Ok, pal, you brought the company to it's knees! Happy?
They replaced the transformer division with Plastics; all engineers and beancounters. General laborers need not apply...