Pumps firm Clyde Union sheds 145 jobs after heavy losses
Pumps specialist Clyde Union Ltd shed more than 140 jobs last year as it continued to take a hit from the downturn in global oil and gas markets.
In accounts filed with Companies House, the Glasgow-based firm reported that its staff headcount fell from 547 in 2015 to 402.
The reduction came as revenue fell by 39% to £45.2m, while pre-tax losses widened from £1.5m to £12.4m.
The company is owned by American engineering giant SPX.
SPX bought the firm from prominent business figure Jim McColl for £750m in 2011. At the time the pumps business employed more than 2,000 people worldwide.
In its latest annual accounts, Clyde Union said: "We experienced a continuation of the downturn in our key markets.
"Significantly the recovery in upstream oil investment through upgrading and refurbishment did not materialise as expected.
"As a consequence order input fell slightly against 2015, however, order book backlog increased by 4% over prior year."
The company added that the revenue decline had "provided the opportunity to improve operational performance going forward".