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Charter Cuts 500 Jobs After Profits Warning

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Some manufacturing recovery.


Charter cuts 500 jobs after profits warning

A sharp fall in demand for welding equipment has forced Charter International into a profits warning, sending the shares down 28pc and prompting the engineering group to axe 500 jobs.

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Charter warned that its core ESAB welding and metal-cutting wing 'faced an increasingly challenging trading environment' Photo: CATERS NEWS

Alistair Osborne

By Alistair Osborne

5:45AM BST 21 Jun 2011


Sparks flew in the market, with the shares diving 201p to 517p, after Charter warned that its core ESAB welding and metal-cutting wing “faced an increasingly challenging trading environment”.

Analysts were shocked by the speed of the decline, given that Charter had issued an upbeat statement as recently as its April 20 AGM, highlighting ESAB’s “solid start” to the financial year

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