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Aston Martin Lagonda Plans To Cut Up To 500 Jobs

Aston Martin Lagonda Global Holdings plc (AML.L) plans to cut up to 500 jobs, reflecting lower than originally planned production volumes and improved productivity across the business.

The company has revealed its plan to improve the cost efficiency of the business that will help drive profitable growth.

The company said its first SUV, DBX, remains on track for deliveries in the summer and has a strong order book.

The restructuring is expected to deliver incremental operating cost savings of 10 million pounds, on an annualised basis.

The associated cash restructuring costs are expected to be 12 million pounds in 2020.

Aston Martin noted that it continues to take decisive action in other areas to reduce cost and remove non-critical expenditure from the business at every level including in areas such as contractor numbers, site footprint, marketing and travel.

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