American Appraisal Associates Inc., an independent global firm providing valuation and related advisory services for business, financial, legal and tax purposes, has notified Wisconsin officials it is laying off 32 employees in its downtown Milwaukee office.
The news, reported by BizTimes.com, comes on the heels of the announcement that American Appraisal Associates is being acquired by Duff & Phelps Corp., a global valuation and corporate finance advisor with more than 2,000 employees. The American Appraisal brand will transition to Duff & Phelps over the coming year, and although the layoffs are expected to be permanent, Duff & Phelps is expected to maintain the Milwaukee office.
“As part of our acquisition by Duff & Phelps, we have been assessing integration plans to ensure the merger delivers on its promise of a focused global valuation leader,” American Appraisal spokeswoman Laura Brophy said. “These dynamics frequently result in challenging decisions concerning employees, and our situation is no different. We are committed to ensuring impacted professionals, of which there are approximately 30 in Milwaukee, are treated fairly and equitably throughout the process. The firm’s long commitment to Milwaukee and the Midwest remains, and our office here will remain open for our client service staff.”