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Engineering group in jobs warning
Thursday May 30th 2013
Bosses at Renold have said that further job losses are likely as the company looks to reshape in the wake of £7.7 million annual losses.
A number of jobs have already gone at the industrial chain - which is based in Wythenshawe, Greater Manchester - but now the company will undergo a strategic review to get the business back in the black.
The group has produced parts for construction equipment brand Caterpillar as well as in rollercoasters at Disneyland and Alton Towers.
However Renold is now reviewing all of its sites across 20 countries, meaning 2,300 jobs worldwide could be put at risk. Of those, there are 700 staff working at five sites in the UK.
New chief executive Robert Purcell said that there would be no definite decisions until the conclusion of the review but admitted that some job cuts are likely.
Since the start of 2013, almost 30 jobs have been lost at sites in Rochdale and Stockport, while there have also been job cuts overseas. Most of the cuts so far appear to be at management level and the company said that an effort to trim back global office functions has led to more jobs being created in the UK at its Wythenshawe headquarters.
There will be no dividend payout to investors after the this year's losses, a stark contrast to a year earlier, when the company posted £7.6 million pre-tax profits.
Copyright Press Association 2013
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