Engineering firm to make up to 80 employees redundant
A Gateshead-based engineering firm has revealed plans to make up to 80 employees redundant as the "prolonged depression" of oil and gas prices continues to have an impact on the business, a recent news report in the local business media has been able to find.
Express Engineering was ranked last month as one of Britain’s mid-market private companies with the fastest-growing international sales. However, it revealed that the redundancies were part of plans to reduce costs in its oil and gas division.
The manufacturing giant added that the decision had been made with "great regret" but said it would not impact the aerospace division in Stokesley.
Gary Thirlwell, managing director of oil and gas at Express Engineering, said discussions have started with employees about redundancies.
"The uncertainty in the market has led to several of our live projects being deferred and a number of proposed projects being cancelled," he added.
"Although we continue to do everything possible to avoid redundancies, this action seems as unavoidable as it is regrettable.
"We believe it is necessary to protect the remaining people working on Team Valley, while still meeting all our production obligations."
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