Thread: Trouble at Mill
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Old 23 Nov 2002, 08:35 (Ref:435168)   #1
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Trouble at Mill

Daily F1 reports: Jaguar to trim workforce

Jaguar-Racing is trimming its workforce to safeguard its position in an unstable climate caused by the tumultuous worldwide economy.

The team announced yesterday that it would be cutting between 40-60 jobs at its Milton-Keynes operation, and that restructuring would be carried out.

‘It is not entirely cost-driven; there is over-capacity in some areas,’ a Jaguar spokesman said. ‘The global economy shows no signs of an immediate recovery and by adopting this course of action we can be fully prepared for the conditions that face us.’
40-60 workers will lose their jobs as part of a personnel cutback at Jaguar
Jaguar is the fourth team in the past 12 months to announce job cuts after British American Racing, Jordan, and Minardi, all midfield to lower ranking teams. The Prost team went bankrupt before the start of this season and Arrows could be forced out of the sport if new German investment does not provide the team with a sustainable solution.

Ford gave Jaguar its backing to continue amid uncertainty over the team’s future late last season due to lack of results. But it will not continue to throw money at the operation, the announcement of job cuts an indication that officials at the top of the Blue Oval are relying on the Leaping Cat to adopt a more prudent approach to the running of the team.

Sounds like money problems are really creating problems for the mid feild runners,also reading between the lines looks like Ford has said get some results our we're out of here.
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