More job losses at SMD in the UKCompany News // November 26, 2015
Chronicle Live newspaper in the UK reports that sanctions against Russia have triggered more redundancies at Tyneside, UK-based underwater vehicle manufacturer SMD.
The Wallsend-based firm said between 70 to 80 jobs would be lost following the suspension of its largest order to date.
A contract to provide two sets of cable laying and burial equipment was delayed as the firm was denied an export license due to EU sanctions against Russia.
SMD said it would appeal the decision and noted the outcome will have a “significant impact” on the final redundancy numbers.
The firm will now enter into a 30-day consultation period via the ACAS guidelines and submit HR1 paperwork to the Department for Business, Innovation and Skills.
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