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15/01/2002
Marconi could lay off 1,000 UK workers
Beleaguered telecoms manufacturer Marconi is to initiate a restructuring review that could see the company cut 1,000 jobs throughout its UK operations.
Announcing their third quarter trading figures, Marconi revealed that although the company achieved an operating loss of £130m, continued sales of non-core assets should see Marconi stabilise its operations.
However, in order to further reduce the company’s dependence on an improvement in market conditions to restore operating profitability, Marconi is to continue to implement its savings strategy by targeting the workforce.
In a statement released by Marconi, the company “anticipates that this review could lead to an additional reduction of around 4,000 employees” from its worldwide operations, with an overall reduction of around 1,000 in the UK workforce.
However, while unions have welcomed the news that the company will stay afloat for the foreseeable future, they have spoken out against the idea of compulsory redundancies. Roger Lyons, general secretary of the Amicus, added: “Both the company and the union are determined to see what is the jewel of Britain’s telecommunications crown through this crisis.
“We will deal with this together and will do all we can to avoid compulsory lay-offs.”
Marconi expects that its restructuring programme will be essentially complete by March 2003. (CL)
Announcing their third quarter trading figures, Marconi revealed that although the company achieved an operating loss of £130m, continued sales of non-core assets should see Marconi stabilise its operations.
However, in order to further reduce the company’s dependence on an improvement in market conditions to restore operating profitability, Marconi is to continue to implement its savings strategy by targeting the workforce.
In a statement released by Marconi, the company “anticipates that this review could lead to an additional reduction of around 4,000 employees” from its worldwide operations, with an overall reduction of around 1,000 in the UK workforce.
However, while unions have welcomed the news that the company will stay afloat for the foreseeable future, they have spoken out against the idea of compulsory redundancies. Roger Lyons, general secretary of the Amicus, added: “Both the company and the union are determined to see what is the jewel of Britain’s telecommunications crown through this crisis.
“We will deal with this together and will do all we can to avoid compulsory lay-offs.”
Marconi expects that its restructuring programme will be essentially complete by March 2003. (CL)
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06 May 2005
800 jobs to go at Marconi
Telecoms equipment manufacturer Marconi has announced that 800 jobs are to go in the UK. 450 jobs are expected to go at the firm’s site in Coventry and another 350 are expected to be lost in Liverpool. Marconi currently employs around 4,300 in the UK. The announcement comes after the company’s failure to secure a new contract with BT.
800 jobs to go at Marconi
Telecoms equipment manufacturer Marconi has announced that 800 jobs are to go in the UK. 450 jobs are expected to go at the firm’s site in Coventry and another 350 are expected to be lost in Liverpool. Marconi currently employs around 4,300 in the UK. The announcement comes after the company’s failure to secure a new contract with BT.
15 October 2001
Marconi reassures investors about debt burden
Marconi has sought to reassure investors that the company is on course to decrease its £4.3 billion debt burden. Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance.
Marconi reassures investors about debt burden
Marconi has sought to reassure investors that the company is on course to decrease its £4.3 billion debt burden. Commenting on the latest trading figures Chief Executive of Marconi Mike Parton said: "Whilst trading conditions continue to be tough, Group operating profit and cash flow in the second quarter were in line with our previous guidance.
27 September 2001
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
Marconi shares hit all-time low as company rated “worthless”
Shares in beleaguered telecoms equipment manufacturer Marconi, have fallen to an all-time low after City analysts rated the company’s value as ‘worthless’. Investors in the company have seen Marconi’s share price tumble to 18p, from a sometime high of £12.
11 September 2001
New hope for Marconi as shares rise
Shares in UK telecoms equipment maker Marconi have risen by 14 per cent amidst renewed hopes that the company may survive its current debt of £4.5 billion. The hopes were raised on Monday after several banks agreed to extend their credit lines to the firm.
New hope for Marconi as shares rise
Shares in UK telecoms equipment maker Marconi have risen by 14 per cent amidst renewed hopes that the company may survive its current debt of £4.5 billion. The hopes were raised on Monday after several banks agreed to extend their credit lines to the firm.
06 September 2001
Shares in mired Marconi tumble
Shares in crisis-hit telecoms equipment maker Marconi, have slumped 28 per cent to close at just 38 pence, wiping £400m off the firm's share value in one day. The FTSE 100 company has now lost 95 per cent of its value since the end of last year.
Shares in mired Marconi tumble
Shares in crisis-hit telecoms equipment maker Marconi, have slumped 28 per cent to close at just 38 pence, wiping £400m off the firm's share value in one day. The FTSE 100 company has now lost 95 per cent of its value since the end of last year.
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