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Nearly 700 more job losses at JCB Nearly 700 more job losses at JCB
(10 minutes later)
JCB has announced a further 684 redundancies across its factories in Staffordshire. JCB has announced a further 684 redundancies across its UK factories.
The latest job losses come in addition to 650 losses announced last July. The job losses at the Staffordshire-based firm come in addition to 1,000 jobs cuts last year.
Officials at the firm said that the lack of credit available from banks meant customers had been unable to fund new diggers and other machines. Company officials said that the lack of credit available from banks meant customers had been unable to fund new diggers and other machines.
The company said its total business was down 75% on the same period last year. In October staff voted for a shorter 34-hour week to protect other jobs.The company said its total business was down 75% on the same period last year. In October staff voted for a shorter 34-hour week to protect other jobs.
JCB said its Staffordshire plants, including the company's world headquarters in Rocester, its cab systems division in Rugeley and its heavy products, attachments and services all based in Uttoxeter, would be affected.
Jobs would also go from its earthmovers, Cecilly Mills and compact products based in Cheadle.
'Unprecedented situation"
A spokesman said JCB Transmissions, based in Wrexham, North Wales, and JCB Power Systems, in Derbyshire. would also be affected.
Chief executive Matthew Taylor said there had been no sign business would pick up soon for the company.
He said: "The ongoing reluctance of the banks to provide credit is aggravating an economic downturn which is now becoming much steeper than we could have ever envisaged.
"This unprecedented situation needs to be addressed with some urgency so that confidence and stability can return, otherwise irreparable damage will be caused to the UK's manufacturing industry."