The coding and marking equipment manufacturer Domino Printing Sciences has announced that it intends to cut 200 jobs, of which 70 are at its UK business, located in Cambridge. This amounts for around 10 per cent of the total headcount.
The company made the decision in the wake of a downturn in demand for its products. However, Domino states that its financial position remains strong and it will continue to seek acquisition opportunities, wherever possible.
Meanwhile the share price of Irish cartonboard manufacturer Smurfit Kappa has reduced by three-quarters during the past two months. Shares traded on the Irish stock exchange at €4.37 at the beginning of September, reaching a low of €1.07 on Tuesday. In a note to investors this week, the Swiss bank UBS advised the purchase of stock if they felt the company would survive. This resulted in shares gaining around 10 per cent, trading at around €1.30.
Despite this, UBS expects Smurfit Kappa to post a full-year pre-tax profit of €942mn this year when it announces full-year results on 12 November.
