JOBS BLOW Around 250 jobs to be axed by global engineering firm based in Scotland

A worldwide engineering firm based in Scotland is set to axe around 250 jobs.

Bosses at EnerMech announced the crushing news that they would be axing five per cent of their workforce.

Around 120 of the redundancies will be workers in their home base of Aberdeen.

It comes as the company came into new ownership, reports the Press and Journal.

EnerMech was bought over by US-based global asset manager Carlyle Group in December 2018 in a mammoth £450million deal.

Other massive firms have taken an interest in the Scots-based business, with London-based Polus Capital Management.

JP Morgan and Intermediate Capital are among other big firms buying stakes in the business.

The shakeup at the global business, which managers described as a “successful recapitalisation”.

Staff were also informed a new CEO, Charles Davison Jr, would take over the business - which employs over 4,000 people across the world.

A spokeswoman for EnerMech said the refinancing had delivered “substantial debt reduction and provided a stable liquidity platform”

Mr Davison told the P&J: “EnerMech is a recognised industry leader for its comprehensive portfolio, global footprint, extraordinary people and customer relationships. These elements serve as a solid foundation for the company to build upon.”

EnerMech is just the latest in the long line of Scots firms to announce they are cutting staff.

It comes as businesses and punters have been feeling the squeeze with rising costs.

Just yesterday we told how a charity was forced to make every single staff member redundant after 40 years.

Another huge investment firm announced a brutal wave of job cuts last month with over 500 staff axed.

And almost 200 workers at an iconic Scottish drinks firm were sacked after it was announced sites would be closing down.

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