SINGAPORE, Sept 8 ― Singapore Technologies Engineering said yesterday it is likely to cut 300 jobs at its Scandinavian operations as part of a restructuring exercise as it seeks to cope with challenges arising from weak domestic travel and cargo demand, the Dow Jones news agency reported.
The company said in a filing to the Singapore Exchange it is undertaking a restructuring of its unit ST Aerospace Solutions (Europe) and will streamline workflow at its three facilities in Copenhagen, Oslo and Stockholm.
The restructuring exercise is expected to be completed by the third quarter of 2013, ST Engineering said, adding that the European unit is working with trade unions and employee representatives to offer outplacement programmes to affected workers.
“ST Aerospace needs to take steps to manage its cost structure and work processes in order to maintain its position in the European market,” the statement said.
ST Aerospace Solutions is involved in aircraft-component repair, management and logistics services. ― Today