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East Midlands to sack 700 in return to electric roots
- Article from:
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The Independent - London
- Article date:
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May 11, 1994
- Author:
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Copyright informationCopyright 1994 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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EAST MIDLANDS Electricity is to cut 700 jobs in a restructuring
drive that is forcing it to make write-downs of pounds 80m. It is
also reining back its previous strategy of expansion outside the
electricity business.
The decision follows the unexpected retirement last month of
John Harris, former chairman. Mr Harris was regarded as the
architect of East Midlands' ambitious and widely criticised
diversification.
Nigel Rudd, who took over as non-executive chairman, is cutting
East Midlands' electrical contracting operations outside its
electricity franchise area. This will result in the loss of 700
jobs over the next few months and an asset write-down of pounds 47m.
The pounds 19m assets of ...
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