Ineos Automotive slashes hundreds of jobs as financial troubles grow
What's the story
Ineos Automotive, the company behind the off-road vehicle Ineos Grenadier, is set to lay off several hundred employees from its UK and European offices. The decision comes as part of a cost-cutting strategy amid financial difficulties. Most job cuts will be in corporate roles. However, the company's French plant producing Grenadier vehicles will not be affected by these layoffs.
Additional layoffs
Layoffs at Hull chemical plant
Along with the head office cuts, Ineos will also lay off a fifth of its workforce at the East Yorkshire (Hull) chemical plant. The decision comes as high energy costs in the UK and cheap imports from China have taken a toll on business. The company has already closed plants in Germany and is laying off workers at its Hull facility due to these challenges.
Tariff requests
Ineos calls for government intervention with anti-dumping tariffs
With costs rising and global competition becoming tougher, Ineos has called for government intervention with anti-dumping tariffs. The company hopes these measures will help protect local industry from the impact of cheap imports. Fitch Ratings has revealed that Ineos Group's debt has now reached eight times its annual earnings, a stark reminder of the financial challenges facing the company.
Business expansion
Jim Ratcliffe's journey in building Ineos
Jim Ratcliffe, who owns a minority stake in Manchester United, built Ineos through aggressive acquisitions since 1998. The company has expanded beyond chemicals into sports teams and automotive ventures. In 2023, Ratcliffe took a minority stake in Manchester United, which has lost over £300 million lately. Despite the financial struggles of his businesses, Ratcliffe remains one of the UK's richest people with an estimated fortune of £17 billion.