Lewmar announces restructure
Peter Tierney: 'no indication of a recovery'
RESTRUCTURE: Lewmar today announced up to 95 job cuts in a major company restructure in response to tough global trading conditions. The majority of the job losses will come from its UK manufacturing base in Havant with some additional redundancies in the USA, Australia, France and The Netherlands.
'Lewmar has seen equipment sales to volume boatbuilders decrease globally by over 30% in recent months, with no real indication of a recovery this year,' said CEO Peter Tierney. 'We have been left with no alternative other than to restructure the business to suit the market.'
Looking towards the future, Mr Tierney aims to restore confidence in the company. 'With the support of the bank and our shareholders we can now secure the longevity of Lewmar through this reorganisation,' he said. 'Our focus now is on improving efficiencies and reducing costs so we can better serve our markets globally.'
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