Regular sector events, often with OEMs and Tier 1s, have helped forge a strong Medical Sector network of GTMA companies with vast experience across a wide range of disciplines. The GTMA Medical Network was one of the first sector networks to be set up by GTMA and includes many companies with proven experience in the production of medical devices and components. The Medical industry is often viewed as an ideal sector to win business, partly because it is constantly changing and advancing with ...Read more
Wholesale gas prices have been volatile following news that the UK’s largest gas storage facility is being shut down for 42 days. Gas prices for the coming winter surged more than 8% last Wednesday after Centrica Storage said its Rough facility would close until 3 August. The plant accounts for 72% of the country’s gas storage capacity, but has been affected by safety issues. The move could push the UK’s gas stocks to record lows this winter. Gas market specialist Niall Trimble of ...Read more
Offshore oil and gas firm Subsea 7 has announced it is to cut up to 430 UK jobs, most of them in Aberdeen. The global subsea engineering company said the move was in response to “continued difficult business and economic conditions” in the oil and gas market. It plans to axe 1,200 roles worldwide, out of a total workforce of 9,200. The company said it was cutting more than £200m from its costs, and taking some ships out of its fleet. ...Read more
The collapse in demand for heavy trucks in the United States and the moribund investment outlook in the oil and gas industry has prompted another profit alert from Senior. Shares in the British engineering group plunged close to 3 and half-year lows, down nearly 29p at 196p, after it warned that profits and after it warned that profits and margins were falling in its Flexonics division. The division makes the tubes, joints, turbo injectors, connectors and manifold systems of large diesel engines, ...Read more
Areva, one of the French companies at the heart of the controversial Hinkley Point C nuclear project, has unveiled plans to break itself up into three parts in a bid to stem huge losses. The 87% state-owned atomic engineering and uranium mining company is hoping to raise €9bn (£7bn) from the government and from selling off assets after running up losses of €2bn last year. Areva, a 10% equity participant in the £18bn planned new Hinkley scheme, is also using the ...Read more
The EDF workers’ committee has turned to the French courts to try to further delay the group’s controversial £18bn project to build Britain’s Hinkley Point nuclear power plant. After its intervention in April, the committee – which is an official body within EDF made up largely of union members — was given three months, until July 4, to say if it would support the project or not. The committee filed a legal claim – alleging that EDF had “refused” ...Read more
Developers hoping to build a £100m hydro power plant in a disused Gwynedd quarry have withdrawn an application for a key permit. Snowdonia Pumped Hydro (SPH) needs a licence to discharge water into a lake at Llanberis as parts of the plans. Natural Resources Wales (NRW) said it had not been provided with enough information about the scheme. SPH said plans for the power project are continuing, and it was “not concerned” by the permit development. “As a developer we ...Read more
Burmieister & Wain Scandinavian Contractor (BWSC) have been working on a new £140 million biomass facility in Kent. The renewable energy plant will generate power and heat requirements for Discovery Park in Sandwich. Around 300 construction jobs will be created by the project, with biomass fuel sourced from various wood types, including coppice grown locally in Kent and East Sussex. Paul Barber, Managing Director at Discovery Park, said “The new biomass plant, is a vital part of ensuring the site’s ongoing success ...Read more
Volkswagen plans to launch 30 all-electric models to reposition itself as a leader in “green” transport. Matthias Mueller, chief executive of Europe’s biggest carmaker, said huge investments would be needed as the firm moves beyond the diesel scandal. He hopes that by 2025, all-electric cars would account for about 20-25% of the German carmaker’s annual sales.
Outlining what he described as the “key building blocks in the new group strategy”, Mr Mueller said VW aimed to “transform its core automotive business or, ...Read more
Mitsubishi Motors has forecast a net loss of 145bn yen ($1.4bn, £900m) for the current business year in the wake of its fuel efficiency scandal. The expected loss marks the first fall in profit for the car firm since the 2008 financial crisis. Mitsubishi had already reported a 39% drop in net profit in the year to the end of March due to the fuel scandal.
In the wake of the scandal, some $3bn was wiped off its market value and in ...Read more