PVC pipe maker Wavin to cut 200 jobs in UK

24 September 2008 17:56  [Source: ICIS news]

TORONTO (ICIS news)--Polyvinyl chloride (PVC) pipe producer Wavin plans to further streamline its European business with 200 job cuts in manufacturing and its overheads, mainly in the UK, the Netherlands-based firm said on Wednesday.

 

The restructuring, which would yield annual savings of some €6.5m ($9.5m), was expected to be completed in the fourth quarter, it said.

 

Wavin would take a €8.5m charge to account for the restructuring, it added.

 

The move was in addition to the company's earlier announced restructuring in Ireland and the UK, which affected over 100 workers in total.

 

Last month, Wavin said market conditions in the UK and Ireland were very difficult but it also expected other western European construction markets to weaken.

 

However, the company was postive about emerging markets in eastern Europe where it has an increasing presence.

 

Wavin is described as Europe’s leading supplier of plastic pipe systems, with annual sales of €1.6bn and 7,000 workers in 28 countries.

 

($1 = €0.68)

 

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By: Stefan Baumgarten
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