Xaar, the giant print head manufacturer has announced that it is closing its Swedish plant and bringing production to the UK.
Xaar said that it is currently negotatiating with its 130 strong workforce in Sweden explaining the motives behind the move. Xaar needs to rationalise its operation and sees the Swedish plant closing eventually.
The company has stated that they expect the process to take about two years and will ultimately achieve substatantial cost savings for the print head manufacturer. With improved production capacity at its UK Huntingdon plant in the UK, manufacturing efficiencies and the seemingly unneccessary exchange rate exposure between the Swedish currency (The Kroner) and the The UK Pound.
It is hoped that up to a hundred new jobs would be created in the UK.
The company's earnings took a dive in 2008, from £47.9m turnover in 2007 to £42m in 2008.
Xaar plc
www.xaar.co.uk
