200 more jobs axed at Wavin
Wavin N.V., the plastic pipe supplier in Europe, is to shed 200 jobs mainly in the UK, in response to the economic downturn of Europe's construction markets.
The company expects its decision to cut jobs in manufacturing and overhead will result in annualised savings of EUR 6.5 million.
Wavin's latest move comes on top of its August announcement to axe 100 jobs in the UK and Ireland which equated to an annual cost reduction of EUR 6 million.
As Wavin spokesman said 'The usual formal consultation processes will be followed. The company expects to complete this restructuring in the course of Q4 2008. A restructuring charge of around EUR 8.5 million before tax will be taken in the second half year'.
Wavin, headquartered in The Netherlands, recently acquired Warmafloor, the UK underfloor heating firm, last July. Warmafloor provides commercial heating and cooling solutions and employs 56 people.
The newly-acquired company has operated as a separate entity within Wavin UK, keeping the Warmafloor brand name and its existing management team.
Wavin has manufacturing sites in 17 European countries. The company employs 7,000 people and reported revenue of EUR 1.6 billion for 2007.
9 October 2008