Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. is recalling certain Ranger and General Utility, as well as All-Terrain vehicles citing risks of crash, the U.S. Consumer Product Safety Commission said in a statement. The Medina, Minnesota-based company has called back about 26,730 units of Model Year 2019 - 2020 Ranger XP 1000 & Model Year 2020 General XP 1000 Utility vehicles. Gilead Sciences Inc. (GILD) said Friday that the European Commission has granted conditional marketing authorization for Veklury or remdesivir as a treatment for SARS-CoV-2 infection, the virus that causes COVID-19. FedEx is asking NFL team Washington Redskins to change its name for its racist connotations. The delivery services company, which is a major sponsor for the team, made the suggestion following increasing pressure from its investors amid the ongoing protests against racial injustice and inequality that arose from the killing of African-American George Floyd.
Follow RTT