Helsinki: Equipment manufacturer MacGregor, part of the Cargotec group, is cutting staff in the wake of the continued low oil prices and depressed shipping markets. Some 220 staff will be axed at various offices around the world, the company said in a release. MacGregor is pushing ahead with plans to make annual savings of EUR20m.
MacGregor employs globally approximately 2,750 persons in 33 countries.
Mika Vehviläinen, the boss of parent firm Cargotec, told Maritime CEO in February: “The oil price turbulence has already set challenges on the whole industry.” He also noted: “The imbalance of supply and demand in the shipping market has continued and the weaker economic outlook is delaying market balance further ahead.”