Jan 13 Fenner Plc announced a
restructuring of its conveyor belt business in North America and
said it would cut about 20 percent jobs in the unit, as it tries
to live out a slump in demand from the U.S. coal industry.
The company, which has been suffering due to a global
commodity slump, said annual cost savings from the restructuring
are expected to be 10 million pounds ($14 million), starting in
the second half of the current financial year.
Fenner said it expected outcome for the year to be below its
previous expectations.
($1 = 0.6923 pounds)
(Reporting by Esha Vaish in Bengaluru; Editing by Anupama
Dwivedi)
Read the full article at: http://www.reuters.com/article/fenner-restructuring-idUSL3N14X2PE20160113