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Renishaw PLC to cut 22 percent of work force

Renishaw PLC to cut 22 percent of work force

Precision measuring equipment makers Renishaw PLC said Wednesday that it intends to cut 500 jobs worldwide because of a continuing deterioration in its business.
Renishaw, based in Wotton-under-Edge in western England, warned that it expects to post a loss of 10 million pounds ($13.8 million) before exceptional items in the second half of its fiscal year ending June 30.
Company shares fell 20 percent on the news to 254.5 pence on the London Stock Exchange.
The company said sales had been hit by a downturn in the demand for capital goods, particularly in the automotive industry. Its equipment is used for industrial and medical applications.
The job cuts represent 22 percent of Renishaw's work force, and follows a voluntary cut of 20 percent in group salaries effective Feb. 9.
If the cuts are implemented in full, the company said it would save 20 million pounds annually, with a one-off cost of 8 million pounds.
"In view of the unprecedented slowdown in customer demand for measuring equipment in recent months we have been forced to take decisive action to reduce our cost base in order to protect our business for the future," said Sir David McMurtry, the company chairman and chief executive.
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http://www.renishaw.com/


Updated : 2021-07-24 16:38 GMT+08:00