Redundancies at Lewmar

Leading deck gear manufacturer re-structures in face of tough economic conditions

Lewmar today announced up to 95 job cuts in a major company re-structure in response to tough global trading conditions. The majority of the job loses will come from its UK manufacturing base in Havant with some additional redundancies in USA, Australia, France and The Netherlands.

This news comes on the back of important re-financing of the business by its bank and major shareholders to reorganise and secure the future of this long established yacht hardware manufacturer.

In a move to resize the business, Lewmar's chairman and CEO Peter Tierney explains: "Lewmar has seen equipment sales to volume boat builders decrease globally by over 30% in recent months, with no real indication of a recovery this year. We have been left with no alternative other than to re-structure the business to suit the market.

"Although it saddens me to announce these redundancies, it was the inevitable and necessary action that needed to take place in response to the tough trading conditions we face in 2009."

Looking towards the future, Tierney aims to restore confidence in the company: "With the support of the bank and our shareholders we can now secure the longevity of Lewmar through this re-organisation. Our focus now is on improving efficiencies and reducing costs so we can better serve our markets globally."