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PORTLAND-After 10 years of losing money and no profit in sight, St Louis, MO-based McCarthy Building Cos. is giving up on its Northwest division. The move affects some 80 jobs in Portland and Seattle.

Spokespersons for national commercial contracting firm told reporters late last week that it has never turned a profit with the division and didn’t see it happening any time soon. Indeed, the company said revenues for its current fiscal year, which ends in March, will top out at around $80 million, nearly a 30% drop from the $110 million it generated in 2000.

McCarthy opened its first Northwest office in 1991 in Bellevue by acquiring general contractor SDL Corp. The Beaverton office, which was being shut down last week, opened in 1996 and had big hopes after landing the $100-million Round at Beaverton Central contract shortly thereafter. In 1999, however, with two buildings half erected, the developer declared bankruptcy, leaving McCarthy high and dry.

Over the past decade, McCarthy as a whole has averaged $1 billion in annual revenues. It is considered by many to be one of the top 10 construction firms nationally and among the top 100 globally. Prior to these cutbacks, the company had 900 full-time employees and 2,500 people on the weekly payroll.

McCarthy CEO Michael Bolen was in town last week to deliver the news. He has not yet returned a GlobeSt.com phone call seeking further comment on the company’s inability to turn a profit here as it seemingly does elsewhere. Some workers will be laid off immediately, while others are let go after completing existing building contracts and still others accept positions with McCarthy divisions based elsewhere around the country.

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