IMI may move production overseas

IMI may move production overseas

IMI, the engineering group, warned it was considering moving some of its production away from the UK if the pound continued its rise against the mark and the dollar. The group also said it would sack another 300 workers around the world in the second half of the year, following 900 redundancies in the past six months, as part of a large-scale cost-cutting program. IMI pleased the market by announcing a rise in operating profits to pounds 70.4m (pounds 67.2m) despite a pounds 10m hit due to the strong pound and its shares rose 18p to 358.5p. Investment column, page 20