05/10/2001
Cookson set to axe 1,700 engineering jobs
British electronics and engineering group Cookson is set to axe around 1,700 jobs.
The move comes as the company battles to cope with a downturn in demand in its key US market.
Specialising in electronics, ceramics and precious metals, the group's core business, which is producing equipment for printed circuit boards, has seen a sharp fall in demand as customers tighten their belts.
The jobs cuts follow the company’s announcement of third quarter losses mounting to £14 million with its electronics division being hit particularly hard by the technology downturn. Sales for the third quarter were £185 million, down 47 per cent on the same month last year.
It currently has operations in 35 countries and sells its products in more than 100 countries. In 2000 it made a profit of £198 million on sales of £2.4billion.
Despite this, the company revealed that order books had begun to improve in early September and the rate of decline in sales has started to moderate.
Cookson's ceramics division has also been hit by a downturn in the steel industry in the US and UK, which is one of its major markets. (MB)
The move comes as the company battles to cope with a downturn in demand in its key US market.
Specialising in electronics, ceramics and precious metals, the group's core business, which is producing equipment for printed circuit boards, has seen a sharp fall in demand as customers tighten their belts.
The jobs cuts follow the company’s announcement of third quarter losses mounting to £14 million with its electronics division being hit particularly hard by the technology downturn. Sales for the third quarter were £185 million, down 47 per cent on the same month last year.
It currently has operations in 35 countries and sells its products in more than 100 countries. In 2000 it made a profit of £198 million on sales of £2.4billion.
Despite this, the company revealed that order books had begun to improve in early September and the rate of decline in sales has started to moderate.
Cookson's ceramics division has also been hit by a downturn in the steel industry in the US and UK, which is one of its major markets. (MB)
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