100 jobs at risk at St Neots firm
APPROXIMATELY 100 jobs are at risk at a St Neots manufacturing firm. Gates Hydraulics Ltd based in Alpha Drive, Eaton Socon has announced its intention to close its manufacturing facility by the end of 2009. Product application, customer support, sal
APPROXIMATELY 100 jobs are at risk at a St Neots manufacturing facility.
Gates Hydraulics Ltd based in Alpha Drive, Eaton Socon has announced its intention to close its manufacturing facility by the end of 2009. Product application, customer support, sales and technical functions will be retained in the town.
In a statement released to The Hunts Post today (Friday, February 20) a company spokesman said the decision would affect 'approximately 100 jobs'.
The statement pointed to the 'difficult economic climate' being a factor in the firm's decision.
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A company spokesman said: "During a plant wide brief today (Friday, February 20), the management of Gates Hydraulics Ltd has announced its intention to cease its assembly manufacturing activities by the end of 2009.
"For several years the business has been under significant pressure to optimise efficiency, reduce operating costs and improve competitiveness. The recent worldwide crisis, difficult economic climate and significant overcapacity in global Fluid Power have resulted in a review of current European manufacturing strategies."
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Mike Cottrell, President Mobile Fluid Power, said: "Our St Neots manufacturing associates have always had a strong culture of facing up to tough challenges. This spirit was first demonstrated in action in 1996 after a fire ravaged in South Plant factory in Station Road. The St Neots team made great operational strides in 2008, but an unprecedented decline in demand for construction equipment driven by the worldwide economic crisis has critically impacted our end markets and customers, resulting in significant overcapacity in our factories."
Gates Hydraulics produces and distributes hydraulic hose assemblies.
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