Up to 450 Jobs to go at Princess Yachts

Princess Yachts has announced that following a financial review aimed at strengthening the company during the current difficult economic conditions up to 450 jobs will be lost. The company is now entering a 90 day statutory consultation period with the aim of minimising the effect of the job losses by voluntary redundancy and reduced working hours.

The company based in Plymouth currently employs some 2,100 workers. It had previously announced a 10% reduction in the working week in an attempt to prevent job losses.

To further extend its market the company plans to introduce a new 40m luxury yacht and will invest in new facilities to support its development and production.

Date Added - 05-Mar-2009

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