UNBELIEVABLE!!!! LONDON (MarketWatch) -- BAE Systems (UK:BA) has revealed plans to cut 1,775 jobs at naval shipyards around the U.K., as work nears completion on two key aircraft-carrier builds. Three Scottish yards -- at Glasgow, Filton and Rosyth -- will see 835 jobs go by 2016. Another 940 will be lost in its Portsmouth yard, when the defense company calls a halt to operations in the second half of 2014 -- bringing an end to 500 years of shipbuilding in the city, according to the Guardian. Costs of this restructuring will be carried by the U.K.s Ministry of Defence, said BAE, which expects to manufacture a new generation of warships for the ministry in its Glasgow yards after restructuring. We see this announcement as indicative of the challenges being faced in defense budgets across the West, analysts at RBC Capital Markets said in a research note cited by The Wall Street Journal. Shares in BAE were up 0.4% in trading Wednesday.
Posted on: Wed, 06 Nov 2013 16:13:07 +0000
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