GSI Lumonics slashes UK workforce

17 Jun 2002

Industrial-laser manufacturer GSI Lumonics is to cut its workforce in Rugby in the UK by 80, according to a company announcement.

Despite encouraging third-quarter results, the Canada-based firm said that a delay in the development schedule of a high-power laser system for the automotive market had necessitated the "unfortunate" cuts.

GSI Lumonics says that it is concerned that 2001 revenues will be down by 5% and that the measures will modestly improve profits.

Charles Winston, the company's president and chief executive, said in a statement that the action was necessary to preserve the near- and long-term operating performance of the company.