Another 700 jobs go at car-parts firm TT

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The Weybridge-based car-components maker said it had suffered difficult trading conditions in the final quarter of 2008, and expected this to continue throughout 2009. The car industry has been severely hit by the credit crunch.

The job cuts follow an announcement of 595 redundancies last year. Some 250 of those job losses were in Wales.

They went at a base in Newport and in Cardiff, where a TT factory that made climate-control systems was closed down. Analysts had forecast that TT would post a £24 million pre-tax profit for 2008, but the company said it would not pay a final dividend for the year.

It is spending £20 million on "restructuring actions", including the job cuts, and reshaping its business to focus on bespoke electronic components for niche markets.

About 100 further jobs will be shed from TT's UK plants in early 2009, although the company could not confirm where these would be.