Catalytic converter maker Johnson Matthey is to slash 2,500 jobs due to the impact of the COVID-19 pandemic.
The the job cuts would be spread over three years as demand for the pollution filters had taken a hit.
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The supplier reported a 27% fall in operating profit to GBP388m for the fiscal year ended 31 March, 2020.
Revenue, however, rose 36% to GBP14.6bn from GBP10.7bn.
Announcing preliminary results, chief executive Robert MacLeod said: “We have delivered nearly GBP120m of our previously announced cost savings.
“However, we recognise the need to be even more efficient in order to maintain our competitiveness and in addition some of our end markets have been affected by COVID-19.
“Therefore, we are targeting additional annualised cost savings of at least GBP80m by the end of 2022/23.
“We regret that this will lead to some job losses, which we estimate to be around 2,500 globally over the three year period.”
Earnings per share fell from 215.2 pence to 132.3.
Dividend was cut 35% to 55.6p per share from 85.5.
