JCB to cut 150 jobs in UK due to decline in global demand

JCB logoJCB has announced it is cutting 150 jobs, mostly at its headquarters in Staffordshire, England.

According to a report from the BBC, CEO Graeme Macdonald said a “severe decline” in world markets are the reason for the job cuts.

Some of the job cuts could also affect JCB offices in Wales and Derbyshire as well, the report noted.

In May, JCB announced fiscal year 2013 profit was down 14 percent from 2012 to $528 million. Sales were also down, dipping 0.7 percent to $11.7 billion.

At the time, JCB Chairman Lord Bamford said increased sales in the UK, Middle East and Africa offset declines in India, Europe and the Far East during 2013.