AgustaWestland, the 50:50 joint venture between GKN and Finmeccanica, is to consolidate its UK operations on its site at Yeovil, Somerset and layoff 950 staff.
This reduction will take effect from mid-April 2002 and was anticipated as AgustaWestland progressively completed its two major UK military orders for 66 EH101 and 67 Apache helicopters.
The majority of the redundancies will be at the company’s Yeovil site. A Weston Super Mare site will be also closed and the operations will be transferred to Yeovil. The company said that it hopes that much of the redundancies will be voluntary.
The redundancy and reorganisation costs of approximately £22 million will be met byAgustaWestland. GKN will charge its share of the costs of approximately £11 million to operating profit in the first half of 2002.