Mr Scaroni foresaw no sales growth for the next 12 to 18 months and said cost-cutting was the only way to improve profits. The extra redundancies will generate savings of pounds 40m a year. When complete, the restructuring will reduce overheads from more than pounds 800m to below pounds 600m.
Most losses will fall in the US and Latin America, but about 100 will go in the UK. Pilkington's share price has fallen from a high of 151p in May to 66.5p yesterday, up 3p on the day.Reuse content