The aerospace group says that it will cut over a thousand jobs. Maintains it is confident of future...
Aerospace and engineering group Smiths has announced 1,450 job cuts and a fall in profits. The cuts come on top of the 1,600 lay-offs made last year, as the company struggles with the malaise is the air industry exacerbated by the events of 11 September.
Smith's Basingstoke plant, which makes electronics for the aerospace industry, will close entirely but the company says most of its 50 UK plants will be affected. Smiths is in the process of a major restructuring programme but says it is now more confident about its future prospects
The London-based firm employs 13,000 people in the UK, where 1,200 jobs will be lost. Pretax profits fell to £174m, down from £200m in the same period last year, and in line with analysts' expectations.
Smiths also announced its aerospace unit was chosen to supply Boeing with a hose and refuelling system for its Global tanker Transport Aircraft.