Siemens’ UK boss Alan Wood has said there are no obvious UK candidates for divestment from the group, following the ten-point restructuring plan of the German giant, announced last week. But the group’s microchip manufacture, power generation, mobile phones and transport system operations, all singled out as bad performers, are in the UK, and divestment is one option for Siemens.
Buyout at BBA arm
BBA Group has sold its remaining specialist electrical engineering interest, Ajax Magnethermic, for £82m. Ajax, based in Oxted, Surrey, is being taken over by a management buyout team with the backing of Citicorp Venture Capital.
Philips plant grows
Philips Semiconductors has opened a second plant at its Hazel Grove site in Stockport. Up to 400 new jobs will be created over five years at the site, which makes chips for a range of consumer products.
Chips are down
Year-end global sales of semiconductors are forecast to fall 1.8% to $134.6bn (£82bn), according to the Semiconductor Industry Association. The forecast follows a 4% fall in world sales in May to $9.9bn.
Ford jobs may go
Ford is considering cutting thousands of senior managers from its global operations, which employ 363,000 people.
A team consisting of DML, BMT Defence Services and Systems Engineering & Assessment has won the contract to provide in-service support to the Navy’s entire submarine fleet. The contract, for five years with an option for a further five, is worth an initial £20m and will secure 100 jobs. Interview, page 16.
The Engineer will next be published on Friday 7 August.