400 job losses at JCB

JCB has announced plans to axe over 400 jobs following a “dramatic” slow-down in world markets. The firm reports that the equipment market in Brazil, Russia, China and India was down 43 per cent compared with the same period in 2014.

“In the first six months of the year, the market in Russia has dropped by 70 per cent, Brazil by 36 per cent and China by 47 per cent,” company representatives said in a statement, adding: “Parts of Europe are also struggling, with France down by 26 per cent. Even the strong growth in the UK and North America has softened due to a fall in market confidence over the summer…”.

In a separate announcement, JCB cut 150 jobs in October 2014.