JCB is set to axe up to 400 of its UK jobs due to an increasing downturn in the construction equipment market, reports World Highways.
JCB says it briefed employees about the staff positions at risk in the UK, although it will attempt to minimize the impact by considering voluntary redundancies.
“Market conditions in the construction equipment sector have been difficult for some time, but they have worsened quite rapidly in recent weeks. The situation is not about to improve, certainly not in the short term, so we now need to take difficult but decisive actions to align overheads to lower sales forecasts. Regrettably, this will result in up to 400 staff positions becoming redundant across our UK businesses, “ JCB CEO Graeme Macdonald said:
In the first six months of the year, the market in Russia dropped by 70 percent, Brazil by 36 percent and China by 47 percent. Parts of Europe are also struggling, with France down by 26 percent.