TT reorganises, but cuts 700 jobs
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TTelectronics has completed a review of its activities, during which it claims it has identified ‘significant opportunities’ to improve performance and margins.
Geraint Anderson, Group Chief Executive, said: “The review has confirmed that the Group’s business is underpinned by its world class engineering skills and technologies, blue chip customer base and sound financial position. At the same time, we have identified opportunities which we believe can significantly improve business performance and drive shareholder value.”
In particular, the sensors business will now focus on exploiting its expertise in a broader range of markets, reducing its exposure to the automotive sector. And the Integrated Manufacturing Services (IMS) business will be set up as a global division with a dedicated director.
The strategy for IMS is to offer higher value added services for lower volume, complex build and assembly electronic projects. A coordinated global sales organisation will target the medical, aerospace and defence and industrial markets.
However, the reorganisation comes at a cost. TTelectronics cut its workforce by 595 in 2008 and is now looking to cut 700 more jobs this year.
