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SIG to shed 900 jobs and close 65 sites

SIG, a supplier of insulation, roofing and specialist building products to the construction industry, is to shed 900 jobs and close 65 trading sites.
The insulation specialist said it had to cut 7% of its workforce due to 'reduced activity in new residential construction in the UK and Ireland'.

Sheffield-based SIG expects its operations in the UK and Ireland to be most affected by the cost-cutting measures.

The company said 'SIG's H1 performance was set against a background of sharply reduced activity in new residential construction in the UK and Ireland, and the period from July to mid-November 2008 has seen further decline in these countries in both new housing construction and RMI (Repairs, Maintenance and Improvement)'.

Performance in the group's other core markets of non-residential construction and non-construction industrial insulation, which together account for two thirds of group turnover, has continued to show greater resilience.

'The UK non-residential sector has remained broadly stable, both for new construction and refurbishment. Whilst more recently there are signs of some private sector projects being deferred, overall sales levels are being sustained by a good level of workflow from the publicly funded and PFI sectors, notably for health and education infrastructure. Demand for process industrial insulation and related products remains robust.

SIG said it still expected the UK non-residential sector to provide strong business in 2009.

SIG also trades from 370 outlets in other European countries but the group said the downturn in these countries was 'much less marked' than in the UK and Ireland.
19 November 2008


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