LONDON (Jan. 16, 2009)—Fenner P.L.C. plans to cut about 290 jobs, mostly in North America, in the next several months as part of a business restructuring plan.
The company said cost reduction initiatives have been implemented to parts of the company experiencing weaker demand, predominantly in some industrial markets. Fenner officials did not specify which segments were hardest hit.
The firm's North American belting arm, Charlotte, N.C.-based Fenner Dunlop Americas, has closed its textile factory in Atlanta and replaced it with a 285,000-sq.-ft. plant in Lavonia, Ga. Textile from that site is shipped to the company's rubber conveyor belt manufacturing facilities in North America.
In an interim financial statement issued to shareholders, Fenner said its advanced engineered products have experienced softening in demand, while its conveyor belting activity declined as demand for raw material products fell.
However, Fenner's coal mining market segment—where Fenner does most of its business—continued to be resilient, the company said.