UK: Aston Martin sending home up to 295 employees in turnaround strategy image

British ultra-luxury automaker Aston Martin, one of the last independent exotic marquees, has announced it would have up to 295 jobs written off as part of a recovery strategy that seeks to end years of losses.

The financially burdened company, which has been severely hit by the financial recession of 2008-2009 and the lack of funds to revive its ageing lineup has a history of 102 years and a total workforce of just about 2,100 people at the start of 2015. The carmaker announced in a statement it aims to limit the number of job cuts by offering attractive packages for retirement, voluntary redundancies and stopping recruitment for the current open positions. The automaker, lead by former Nissan manager Andy Palmer, has been made famous around the world by its long running association with the James Bond spy movie franchise, which has helped the company turn models such as the DB5 into iconic cars. The statement also added its current manufacturing and delivery targets have remained the same, aiming to sell a little over the level seen last year.

Earlier this month the marquee announced it would reduce the job count as it restructures its business to end years of losses. The turnaround strategy will also include an expansion into new territory – namely the hot selling crossover segment and into the green field of electric cars. Aston, which has been weighed down by not being part of a larger automotive group to support its investments, had a pretax loss of 25.4 million pounds ($39 million) in 2013, the latest data available.

Via Reuters