Fenner Plc will cut a fifth of the workforce at its conveyor belt business in the Americas as it attempts to weather a prolonged slump in demand for U.S. coal.
For a second time, the British engineering company also warned of lower full-year pretax profit and revenue due to “recent further deterioration” in the U.S. oil and gas industry, sending its shares down more than 6 percent to their lowest since September 2009.
Engineering companies are struggling as customers in the oil, gas and mining businesses cut orders and wait longer than usual to replace parts in the face of a widespread slump in commodity prices.
Analysts said the latest restructuring efforts, which will involve about 160 job cuts, might not be enough to rescue Fenne…
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