British aerospace electronics group Cobham said it expects to cut 120 net jobs this year, in addition to the 700 lost in 2010, as it consolidates its manufacturing operations.
It plans to close nine sites in 2011 and cut 150 jobs, although 30 new positions are expected to be created, the company said via an e-mail.
The company said it is on track to improve group profitability by 65 million pounds (US$102 million) a year from the end of 2013, Reuters reports.
Cobham will operate from 14 principal locations — 10 in the United States, three in the UK, and one in France — that will account for 80 percent of its operating profit. The move is part of the group’s ‘Excellence in Delivery’ efficiency programme.
“Good progress has already been made since we announced the Excellence in Delivery programme six months ago and we are on course to achieve 30 million pounds of the targeted savings by the end of 2011,” said Chief Executive Andy Stevens.
Since the programme began in 2010, the total headcount has been reduced to about 11,000 employees.