Electronics firm reveals cuts

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Electronic components firm TT electronics is to cut 700 jobs this year from its global operations. The firm says about 100 of this year's job losses will be in the UK

The firm, based in Weybridge in Surrey, employs about 7,000 workers globally and has sites in a number of areas across the UK.

It announced that it had already cut almost 600 jobs in 2008, saying that trading conditions remained "very difficult".

Geraint Anderson, group chief executive of TT electronics, reporting the outcome of a strategic review, said: "The review has confirmed that the group's business is underpinned by its world class engineering skills and technologies, blue chip customer base and sound financial position.

"At the same time, we have identified opportunities which we believe can significantly improve business performance and drive shareholder value."

New figures published tomorrow will show that about two million people are now out of work, while the number claiming jobseeker's allowance will be well over a million.

* Wireless equipment maker LM Ericsson announced it was axing 5,000 jobs to cut costs but would not say if any would be in the UK.

The announcement came as the Swedish company posted a 31 per cent drop in fourth-quarter profits, partly due to restructuring charges.

The Stockholm-based company, the world's leading maker of mobile broadband infrastructure, said it would reduce consultants and other temporary staff as well as consolidate research and development sites.