JCB Layoffs: British Heavy Equipment Company Lays Off Around 230 Agency Workers Amid Global Slump in Manufacturing

New Delhi, October 7: JCB, the British multinational company that manufactures heavy equipment for construction, agriculture, and demolition, has reportedly laid off around 230 employees. As per reports, the job cuts affected agency workers as the company prepares for further economic challenges across the UK and Europe. JCB is reportedly adjusting its workforce to align with the reduced demand for construction equipment.

JCB is one of the largest makers of construction equipment in the world. JCB employs around 8,500 people across its 11 factories in Britain. The company is owned by Lord Bamford, who took over the business from his father in the 1970s. Since JCB started in 1945, it has grown significantly and become a well-known company worldwide, with 22 manufacturing plants located in different countries. Silent Layoffs Surge in Silicon Valley As Tech Giants Aim To Avoid Bad Press, Adopt Techniques Like 'Work From Office' To Trigger Job Cuts: Report.

As per a report of The Telegraph, JCB has laid off around 230 workers amid a global slump in manufacturing. The employees impacted by the layoffs are agency workers from various parts of the business. They were drafted in from outsourcing specialist Guidant Global. The decision can be seen as a recent warning by JCB’s Chief Executive, Graeme Macdonald, who reportedly stated that while profits grew in 2023, the business is now expecting a drop-off in activity. He noted that the UK and Europe are seeing a decline in construction activity in housebuilding, which is negatively impacting the demand for JCB’s heavy machinery. Dyson Layoffs: British Tech Company Unexpectedly Lays Off Several Employees at Singapore Global Headquarters, Say Reports.

Despite the company’s growth in recent years, the global slump in manufacturing has reportedly forced JCB to make these adjustments. He further explained that the overall market forecast for 2024 is not very encouraging. There are tough situations in the UK and Europe, specially in Germany, where economic activity has dropped this year. The decision to reduce the number of employees happened just before the Government's effort to improve workers' rights. This plan will provide basic entitlements from day one of employment.

(The above story first appeared on LatestLY on Oct 07, 2024 11:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).