BGN Entrepreneur

The economic environment remains tough and makes it difficult to predict any clear trends. The car parts and engineering firm—GKN announced that compares to a profit of £118m in the same period last year, it has made pre-tax losses of £16m in the first half of the year.
The Redditch-based company has already cut 2500 jobs in the first half of 2009, are now looking to set to slash another 1200 jobs over the next two years as it continues to battle the economic recession. The news came after weaker-than-expected car markets in the US, Japan and Europe as manufacturers used up stockpiles to cope with plunging demand. It is said that this job losses will not affect the 6000 staff employed in the UK.

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