The cancellation of motoring events, the suspension of production and retail activities all over the world and the reduction in the demand for technological solutions have damaged the group’s sources of revenue activities
(AFP)
The cancellation of motoring events, the suspension of production and retail activities all over the world and the reduction in the demand for technological solutions have damaged the group’s sources of revenue activities
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A cut equal to a quarter of the workforce. The pandemic crisis does not spare the British supercar manufacturer McLaren, which will cut 1,200 jobs as part of a tough restructuring program.The move is defensive but will have a heavy impact on employees in the areas of applied technologies, automotive and ran, the company said in a note.
The cancellation of motoring events, the suspension of manufacturing and retail activities worldwide and the reduction in the demand for technological solutions have damaged the group’s revenue-generating activities, the company added.
«It is a line of action that we have worked hard to avoid, having already adopted dramatic cost reduction measures in all areas of the company. But we have no choice but to reduce the size of our workforce, “said executive president Paul Walsh. Employment cuts represent, it was said, over a quarter of the group’s workforce, which has just over 4,000 employees. The majority of the group is owned by the sovereign wealth fund of Bahrain, Mumtalakat.
McLaren is the second most successful team after Ferrari in the history of sport and made the six-time world champion of Mercedes Lewis Hamilton debut in 2007. The Woking house in Surrey finished fourth in 2019 and just hired Australian Daniel Ricciardo to collaborate with British Lando Norris in 2021.Sky News reported on May 14 that McLaren was looking to raise liquidity up to 275 millions of pounds offering its headquarters and the collection of historic racing cars as collateral.