Restructuring at IMI to cost 1,200 jobs

The
Birmingham-based engineering group IMI has announced it is to lose 1,200 jobs
worldwide as a result of a restructuring of the company.

An
estimated 200 jobs will be lost in the UK but the bulk of the job cuts will be
in the firm’s core markets in the US and Germany.

Martin
Lamb, IMI’s chief executive, said he aimed to develop the business areas that
offered the best prospects for growth.

The
restructuring is expected to cost about £40 million over the next year but a
schedule for the job losses has not been announced.

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www.imi.plc.uk

By
Ben Willmott