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A Finland-based production company has announced that only about 50 jobs have been threatened at its Runcorn plant.
Exel Composites will reduce its consistent UK operations in a bid to save €1. 6 million a year. It has consulted with 48 workers at its Runcorn base.
The company designs, manufactures and markets composite profiles and tubes for commercial applications. It has several small sites in the UK, Runcorn, reports the Liverpool Echo.
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In a statement, the company said: “Currently, Exel Composites’ European operations come with several small production sites. For the power and profitability of the Group, a reduction in the number of personnel in operations is proposed”.
“The reduction review will be in line with UK law and any resulting adjustments will be completed to ensure that a minimum affects consumers. Reduced UK or other Exel plants.
“Exel Composites will record a one-time monetary charge of approximately €3 million and a one-time impairment of non-cash assets of approximately €1. 1 million in the first quarter of 2023 as parts affecting comparability. The effect will only have to be taken after the conclusion of the local consultations.
“In the event of a change, Exel Composites will be offering workers a new job. “
Exel Composites employs approximately 650 other people worldwide and is indexed on Nasdaq Helsinki.
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