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Post  Panda on Sat 24 Sep - 22:09

BAE Systems, the defence contractor, is poised to deliver a fresh blow to Britain’s fragile manufacturing sector by announcing thousands of job cuts next week, I have learned.
The company is expected to announce towards the end of the week that around 3,000 jobs are to go because of what it will say is a severe slowdown in its core markets.
At least some of the cuts will be made at BAE's facility at Warton in Lancashire, where Eurofighter Typhoons, among other military aircraft, are made.
It's conceivable that BAE will decide to bring its announcement forward now that the news of its plans is public.
In a statement issued to me this evening, the company said:
“BAE Systems has informed staff that we are reviewing our operations across various businesses to make sure the company is performing as effectively and efficiently as possible, both in delivering our commitments to existing customers and ensuring the company is best placed to secure future business. As the outcome of this review becomes clear, we will, as always, communicate to our employees as a priority.”
BAE declined to provide further details of the timing, location or scale of the job cuts.
The news will deliver a fresh blow to British manufacturing and will undoubtedly arouse strong emotions at the Labour Party conference, which gets underway in Liverpool in the next couple of days.
At BAE's interim results in July, Ian King, the company's chief executive, said that UK defence spending cuts and falling sales of land vehicles had impacted profits. Nonetheless, by hailing future growth from markets such as India and announcing plans for a substantial share buyback, King may risk provoking controversy with the cuts.

sky News report

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