JCB to axe 150 jobs
UK giant blames slowdown in global construction trade for redundancies
JCB is set to make up to 150 workers redundant.
And ambitious £150mn expansion plans by the UK digger giant could be delayed as a result of the decline in the global construction trade.
Company CEO Graham Macdonald said political uncertainty across the world - and particularly in Russia - had made a huge impact on international trade conditions.
Sanctions imposed after Russia’s recent invasion of neighbouring Ukraine had prompted a 22% decline in the Russian market.
He said: “There is a growing consensus that a global economic slowdown could be starting and it is clear JCB’s full year sales in 2014 will be less than anticipated.
“Our cost base is being restructured to align overheads to reduce sales volumes.”
Most of the jobs to go will be office roles in Staffordshire.