Around 375 job losses are planned for the maritime servicing and support business, with 340 in Portsmouth.
Last night Kirkcaldy and Cowdenbeath Labour MP Lesley Laird called on the United Kingdom government to step in to save the Fife jobs. "This must include the possibility of accelerating orders to provide additional work for BAE's employees".
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Communications Of Vermont has invested 0.29% in BB&T Corporation (NYSE:BBT). 10 holds 135,359 shares or 3.32% of its portfolio. This company shares are 2.31% off its target price of $93.74 and the current market capitalization stands at $234.62B.
Union leaders are pressing the British government to ensure new fighter aircraft are built in the U.K.as they seek to avert job cuts at defence giant BAE Systems. Most of the job reduction (i.e. 1,400 roles) will occur in BAE Systems' Military Air business over the next three years.
Elsewhere in the country, 750 jobs are to be lost in Lancashire with a further 400 posts going in East Yorkshire, 245 in Norfolk and North Yorkshire and 150 in London and Guildford.
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"The proposed restructuring of our Applied Intelligence cyber security business will drive continued growth from a more targeted portfolio of products and services focussed on providing leading cyber security, intelligence and financial crime prevention capabilities to government and commercial customers in priority geographic markets", it said in a statement.
Chief Executive Charles Woodburn, who took the top job in July after 15 months as chief operating officer, said BAE had to align its workforce capacity more closely with near-term demand and become more competitive to secure new business. "I recognise this will be hard news for some of our employees and we are committed to do everything we can to support those affected".
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Steve Turner, assistant general secretary of the Unite union, said the cuts will "not only undermine Britain's sovereign defense capability, but devastate communities across the United Kingdom who rely on these skilled jobs".