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03/11/2015
Weir Group To Cut 400 Overseas Jobs
Glasgow-based engineering company Weir Group has announced it is to cut 400 jobs overseas.
The firm said it expected trading conditions in the fourth quarter to be challenging due to declines in upstream oil, gas activity and lower mineral prices.
In its Interim Management Statement for the third quarter, the group's order input was down 29% year-on-year and 8% compared to the Q2 2015.
Keith Cochrane, Chief Executive, said: "The challenges in our end markets intensified during September and October.
"Mining customers took measures to preserve cash by delaying investments, reducing purchases of consumables and mothballing or curtailing production volumes at higher cost mines.
"Trading conditions in oil and gas markets were impacted by a double-digit decline in North American rig count as WTI oil prices fell below $50.
"In response to these market-issues, the Group has taken further action to support profitability."
Weir stated it intends to make £25m worth of cost savings.
"These measures will generate an additional £25m in annualised cost savings and include additional workforce reductions and service centre consolidations," Mr Cochrane added.
(LM)
The firm said it expected trading conditions in the fourth quarter to be challenging due to declines in upstream oil, gas activity and lower mineral prices.
In its Interim Management Statement for the third quarter, the group's order input was down 29% year-on-year and 8% compared to the Q2 2015.
Keith Cochrane, Chief Executive, said: "The challenges in our end markets intensified during September and October.
"Mining customers took measures to preserve cash by delaying investments, reducing purchases of consumables and mothballing or curtailing production volumes at higher cost mines.
"Trading conditions in oil and gas markets were impacted by a double-digit decline in North American rig count as WTI oil prices fell below $50.
"In response to these market-issues, the Group has taken further action to support profitability."
Weir stated it intends to make £25m worth of cost savings.
"These measures will generate an additional £25m in annualised cost savings and include additional workforce reductions and service centre consolidations," Mr Cochrane added.
(LM)
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