LONDON (Alliance News) - Low & Bonar PLC Tuesday said it intends to relocate part of Bonar Yarns' production from Dundee to Abu Dhabi, as part of efforts to improve the performance of the business unit.
The move has resulted in the commencement of a formal consultation process with employee representatives on the site, which is expected to affect up to 68 jobs, Low and Bonar said.
"We know that this will be a period of uncertainty for our staff at Dundee, and we are committed to consulting fully with our employees and their representatives. We do believe however that the restructuring of our workforce is necessary to help us secure the long-term viability and competitiveness of Bonar Yarns in a highly competitive global marketplace," Chief Executive Brett Simpson said in a statement.
Low & Bonar shares were up 3.4% at 57.10 pence Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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