Job cuts for Weir Group

Posted on 5 Nov 2014 by Victoria Fitzgerald

Engineering business Weir Group is set to close five of its manufacturing facilities in 2015, cutting roughly 350 jobs, it was announced yesterday following the firm's third-quarter results.

Bosses at Weir also plan to merge several service centres, which is also likely to result in job reductions.

The plans are a result of a group-wide review to identify ways to cut costs.

In its interim statement, Weir said that its full-year expectations remained the same, with revenues and operating margins aligned with third-quarter forecasts.

Chief executive Keith Cochrane said: “While the global economic and end-market outlook remains uncertain, our strong competitive positioning enables us to continue to invest through the cycle to deliver sustainable, profitable growth.

“We’ve also continued to make good operational and strategic progress in the third quarter, taking actions to further improve efficiencies.”

On Tuesday, Weir’s share price fell by 3.4 %.