Fenner Plc announced a restructuring of its conveyor belt business in North America and said it would cut about 20 per cent jobs in the unit, as it tries to live out a slump in demand from the US 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.
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