BAE Systems is reportedly looking to cut upwards of 370 jobs as the company looks to wind down production of its Typhoon fighter jet.
The majority of jobs are expected to come from the aerospace giant’s 13,000-strong workforce based in Samlesbury, Lancashire.
BAE forewarned that decreasing jet production would also likely impact its 2015 financial results, with Typhoon sales expected to fall from around £1.3 billion in 2015 to £1.1 billion in 2016.
BAE chief executive, Ian King commented: “Overall, the company is operation in an improving business environment and we continue to win new orders, with good prospects for the future.
“In the short, action to extend the production life of Typhoon aircraft by reducing the current production rate…will impact the group’s 2015 results.”
BAE previously secured a contract to supply 28 Typhoon aircraft for the Kuwait Air Force in September, with delivery from its Italian Typhoon final assembly line due to start sometime around 2020.
It’s reportedly currently in talks with Saudi Arabia in an effort to firm-up further Typhoon purchases.