Starbucks Corp. and office-sharing company WeWork are shutting locations in China, while Facebook Inc., Nissan Motor Co. and other companies enact measures to shield employees in areas hardest hit by a deadly viral outbreak.
WeWork is temporarily closing 55 offices across China and encouraging employees to work from home or in private rooms, it said in a statement Tuesday. Facebook employees based in China, and those who recently returned from trips to the country, are also being told to work from home, people familiar with the matter said.
Apple Inc.’s supply chain is at risk of being disrupted. Virtually all of the world’s iPhones are made in China by contract manufacturers, and the company had been increasing production to meet higher-than-anticipated demand.
Here is a summary of how some of the biggest companies are responding, as well as early analysts’ estimates of the impact:
- PricewaterhouseCoopers LLP: The accounting firm has suspended all business travel to Wuhan and employees returning from the city are required to work at home for two weeks before coming to the office, a spokeswoman said. The company extended Chinese New Year holidays for staff in Hong Kong and Macau to Jan. 31 and asked employees to work remotely where feasible following the holiday.
- Apple: “Supply chain disruption is a worry if employees across Foxconn and other component manufacturing hubs in China are restricted,” analyst Dan Ives of Wedbush Securities Inc. said. “If the China outbreak becomes more spread it could negatively impact the supply chain which would be a major investor worry.”
- Shiseido Co.: The Japan-based cosmetics maker has banned employee travel to China, with some exceptions, a spokesman for the company said Tuesday. The company got about 20% of revenue last year from the country, its biggest overseas market.
- Facebook: Travel limits, which went into effect Monday, halt non-essential travel to China by all Facebook employees, said the person, adding that if workers have to visit the country, they will need specific approval. The company declined to comment.
- Bayer AG: The German drug and chemical giant will donate about 1.5 million euros ($1.7 million) worth of medicines and financial aid to help support people affected by the outbreak. The cash portion of about 600,000 euros will mainly be used to pay for protective clothing for medical staff in Wuhan, Bayer said in a statement.
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January 28, 2020 at 11:15PM
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Virus Impact: WeWork, Starbucks shut doors as infections spread - Crain's New York Business
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