Pumps firm Clyde Union sheds 145 jobs after heavy losses

image copyrightSPX Flow
image captionGlasgow-based Clyde Union is owned by American corporation SPX

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".

Related Topics

More on this story

Related Internet Links

The BBC is not responsible for the content of external sites.