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Laird sacks 4500 staff as mobiles dive
16.12.08
Electronics group Laird today said it was sacking 4500 workers in the US and China due to falling demand for mobile phones and other electronic gadgets.
Laird, which issued a profit warning last month, makes components used in Nokia and Panasonic mobile phones, as well as laptops and flat-screen televisions.
Although based in London, where it employs around 20 people who will not be affected, nearly all of its manufacturing is in the Far East.
The cuts will cost up to £20 million to implement but should save about £12 million a year, starting in 2009. They represent about 40% of the total staff.
