Siebe job cuts to have 'no impact' on Coutant

Siebe job cuts to have ‘no impact’ on Coutant
Alex Mayhew-Smith The managing director of Coutant Lambda has confirmed that the company will not be affected by job cuts announced by parent company Siebe. Siebe, the international industrial group, declared that it planned worldwide restructuring which would lead to the loss of 2,000 jobs and the transfer of a further 2,000 jobs to developing countries. “The job losses will have no impact whatsoever on Coutant Lambda,” said managing director Sandy Anderson, who is due to take up the post of acting vice-president for European operations for the next year. The company has heavily invested in production equipment for the new Sirius power supply range which will be produced from August, he added. However, where exactly job losses will occur in the UK remains undisclosed. A Siebe spokesman said: “I cannot comment on the UK situation. The company has announced the loss of jobs, which will take place in the next 18 months.” In another development, Japanese partner, Nemic Lambda, has started production of Coutant’s Alpha switched-mode power supply in Kanoya. However, there have been indications that a management takeover of the Japanese firm is looming. The attempt by management to issue six and a half million new shares which would dilute Siebe’s stake from over 50 per cent to 38 per cent has been challenged in the courts. Despite a pre-profits declaration of ?486m, Siebe shares fell 143p last week to ?13.60.

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