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Cargotec lays-off another 100 at MacGregor

Cargotec lays-off another 100 at MacGregor
Cargotec subsidiary MacGregor is cutting its workforce by as many as 100 employees at its Uetersen facility in Germany, citing the low oil price.

Expected to generate EUR5m in one-time restructuring costs, the move comes in the face of a “deteriorated” market, due to combination of tumbling oil prices and the low number of merchant vessel newbuilds.

Estimated to “have an impact” on 100 of MacGregor’s employees by end 2015, it is hoped that the measure will ensure the company’s competitiveness in the long-term, targeting EUR7m of savings annually as of 2016.

It is the second time that Cargotec has cut the workforce at MacGregor this year having announced lay-offs of 220 worldwide in April this year. At the time the of the April announcement MacGregor had a global workforce of 2,750.