More than Scots 140 manufacturing jobs have been lost at Clyde Union pumps in Glasgow over the past 12 months as a result of the continuing economic after-shock of the N. Sea crude oil price slump.
The company – part of the US SPX group – specialises in making pumps and valves for the N. Sea oil industry.
As well as cutting its workforce to 400 people, Clyde Union – the largest manufacturer in the SPX group – also reported losses of £12.4 million for the year. Sales also slumped by 39% to £45.2 million.
A Clyde Union spokesman said: “We experienced a continuation of the downturn in our key markets and, significantly, the recovery in upstream oil investment through upgrading and refurbishment did not materialise as expected.”
When SPX bought Clyde Union from Scottish business magnate Jim McColl for £750 milion in 2011, the company employed more than 2,000 people.
9 Nov 2017