Fenner to cut 290 jobs, mostly in North America

ERJ staff report (DS)

London -- Fenner plc has said it expects to cut 290 jobs in the coming months, mostly in North America. The company said it will continue with its previously-announced plan to close its conveyor belt factory in Atlanta, following the investment in wide conveyor manufacturing.

In a statement accompanying the annual meeting of shareholders, the group reiterated its full year figures released in November. It also gave a rading update for the first quarter.

In general trading was healthy, but demand shows signs of decreasing. Fenner's Advanced Engineered Products Division has experienced some softening of demand with like for like volumes down by 4 percent

The conveyor belting activity declined as demand for raw material products fell, but the coal market continued to be resilient, and this is where Fenner makes most of its business. "Our predominant involvement in thermal coal has provided stability for both our belt manufacturing and the recently acquired service businesses, with particularly strong performances through the period in the Asia Pacific region." said Fenner.

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Press release from Fenner

Engineer Fenner cuts jobs as markets deteriorate Reuters (UK)