Another 400-plus UK automotive industry manufacturing jobs are to be lost next year. According to Reuters, Swiss engineering firm Georg Fischer said on Friday it would cease manufacturing at a British foundry as part of a far-reaching profit enhancement and debt-cutting programme.
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Production at the Lincoln foundry, which is part of Fischer’s Automotive Group and which has not reached its output and earnings targets in the last few years, will be phased out between March 31 and December 31, 2004, the Reuters report said, adding that about 430 people are employed at the Lincoln foundry.
Reuters noted that loss-making Fischer said this week that it will cut about 1,000 jobs, divest units and raise cash in a push to reduce net debt and tackle earnings pressure from a market slump, and expects to return to net profit in 2004 after a loss of more than 100 million Swiss francs in 2003.
