The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Transportation / Storage Warehousing And Support Activities For Transportation, Postal And Courier Activities Warehousing And Support Activities For Transportation 52.21 - Service activities incidental to land transportation
200 jobs Number of planned job losses
Announcement Date
4 April 2005
Employment effect (start)
Foreseen end date
Description
Hundreds of jobs will be cut and operations hived off after AEA Technology issued on 4 April 2005 its second profit warning this year and announced the departure of its chairman and chief executive, Peter Watson.
Shares in AEA, one of the last businesses to be privatised by the Conservatives, are struggling to cope with a £60 million debt and a £120 million pension fund hole. It now concentrates on rail contracting and environmental services but its transport activities have been hit by a reduction in business from Network Rail and others. About 200 staff - some 7% of the total - will be cut.
Sources
5 April 2005: The Guardian
Citation
Eurofound (2005), AEA Technology, Internal restructuring in United Kingdom, factsheet number 61366, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61366.
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