Laird axes 5000 jobs
EMI shielding specialist, Laird PLC is cutting its staff by 5000, the equivalent of 54%.
The company is closing its Hungarian manufacturing plant, which employs 500 personnel, as well as closing and downsizing three of its US facilities. Production will then be transferred to China and Mexico.
This will lead to further labour and overhead reductions during the first half of 2009, with net benefits expected to reach £12m. In a statement, a Laird spokesman said: “These actions will result in exceptional charges of up to £20million being incurred in 2008, of which some £14m will be cash and the remainder asset write downs. Annualised net benefits will be at least £12m, being realised progressively during 2009.”
