Ineos Grenadier maker cuts jobs amid financial struggles
Ineos Automotive, owned by billionaire Jim Ratcliffe, is cutting several hundred jobs across its UK and European offices to trim costs.
Most of the layoffs are in corporate roles, but the French plant making Grenadier off-roaders isn't affected.
Ineos is also cutting jobs at its Hull chemical plant
On top of head office cuts, Ineos said it would cut a fifth of jobs at its East Yorkshire (Hull) chemical plant.
High UK energy bills and cheap Chinese imports have hit hard—so much so that plants in Germany have closed and the Hull plant has seen significant layoffs.
Fitch Ratings says Ineos Group's debt has ballooned
Ineos Group's debt has ballooned to eight times what it earns each year, says Fitch Ratings.
With rising costs and tough global competition, Ineos wants governments to step in with anti-dumping tariffs to help protect local industry.
Ratcliffe owns a minority stake in Manchester United
Jim Ratcliffe built Ineos through bold buyouts since 1998—and he now owns a minority stake in Manchester United (which has lost over £300 million lately).
Still, Ratcliffe remains one of the UK's wealthiest people with an estimated £17 billion fortune.