Engineering company cuts staff by 10 per cent

Engineering firm IMI has said that it had cut 10 per cent of its workforce since December as a dramatic downturn in global markets rocks the business.

Engineering firm IMI has said that it had cut 10 per cent of its workforce since December as a dramatic downturn in global markets rocks the business.

The Birmingham-based company, which makes precision equipment for products ranging from medical dosing values to braking systems, has axed around 1,500 of its 15,000 staff worldwide as the slowdown worsens.

Around 250 UK jobs have gone, mostly in the Midlands.

A further 750 staff are also under threat in the coming weeks as IMI takes "rapid action" to shrink the business to reflect lower activity levels.

The firm's like-for-like revenues were 15% below last year in the three months to the end of February, IMI said.

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