BAE Systems announce huge job cuts across all sectors (updated)
12 October, 2017, 06:04
A number of highly skilled Fife jobs are under threat amid plans by BAE Systems to cut nearly 2,000 posts around the UK.
"To ensure production continuity at competitive costs and based on the profile of now contracted and expected aircraft deliveries, actions continue to be taken to reduce the group's current Typhoon and Hawk production rates", BAE said in a trading update.
A bigger order expected from Saudi Arabia has not materialised.
"There are potential job losses at Cowes, which would be voluntary, but only if it does not jeopardise the critical skills at the site."
Those actions are necessary and the right thing to do for our company, but unfortunately include proposed redundancies at a number of operations.
CHIEF EXECUTIVE CHARLES WOODBURN, on aligning the company's workforce capacity more closely with near-term demand and becoming more competitive to secure new business.
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As a Saudi follow-on order for Typhoon fighter jets failed to materialise this year, a Qatariorder for these jets and Hawk trainer airplanes may provide a lifeline for troubled British defence company BAE Systems. Most of the job reduction (i.e. 1,400 roles) will occur in BAE Systems' Military Air business over the next three years.
UK-based defence analyst Francis Tusa said BAE was facing a double squeeze from confirmed orders for Typhoons drying up and Cold War Tornado jets, for which BAE has lucrative support contracts, nearing retirement.
BAE will also let go some people at its cyber intelligence business in London and Guildford.
Around 375 job losses are planned for the maritime servicing and support business, with 340 in Portsmouth.
Steve Turner, assistant general secretary of the Unite union, said the cuts will "not only undermine Britain's sovereign defense capability, but devastate communities across the United Kingdom who rely on these skilled jobs".
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The stock has performed -19.06% over the last seven days, -21.66% over the last thirty, and -26.52% over the last three months. A total of 1.71 Million shares exchanged hands, whereas the company's average trading volume stands at 481.01 Million shares.
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