TT Electronics with weak demand

The Group experienced a continued significant weakening in customer demand in January and February as the global economic recession severely affected most major markets. Further management action has been taken to adjust the cost base in line with current levels of demand. Although there is as yet no evidence of an improvement in key markets, overall trading remains in line with expectations. In the IMS division TT Electronics' has merged the management of its UK businesses in Rogerstone and Aylesbury to allow serving customers more efficiently and to further reduce headcount. New divisional directors for the General Industrial and Sensors divisions have recently joined the Group. The restructuring of the Sensors division has continued as planned with a reduction in headcount of 225 in Germany effective from 1 April. Image Source: TT Electronics