Ineos to cut hundreds of jobs as carmaker struggles with debts

"The carmaker owned by the billionaire industrialist Sir Jim Ratcliffe will make hundreds of job cuts across the company's global workforce as his heavily indebted empire comes under increasing pressure. Ineos Automotive did not specify an exact number of losses from its 1,700-strong workforce, saying only that it would shed several hundred head office staff across multiple locations, including the UK and parts of Europe."

"The company owned by Ratcliffe, who also co-owns Manchester United FC, said the strategic measures to structure its business would help to simplify its head office to improve efficiency. The Guardian understands that the cuts are unlikely to affect the company's automotive plant in Hambach, France, which is building the Ineos Grenadier, an off-road vehicle that pays homage to the discontinued Land Rover Defender."

"Ratcliffe has struggled to turn his vision into a profitable business after a string of problems at the French factory, which led the company to recall more than 7,000 of its Grenadier vehicles in the US over faulty doors. Donald Trump's decision to impose higher tariffs on imports of cars into the US, the Grenadier's biggest market, has piled further pressure on the business."

"Ineos Automotive is part of a sprawling business empire focused on chemicals manufacturing. Last month Ineos closed two chemical factories in Germany and said it would cut a fifth of jobs at its East Yorkshire plant, blaming sky-high energy costs and dirt-cheap imports from China. The company has accused Europe of carrying out industrial suicide by imposing green policies that it claims raise the cost of energy."

Ineos Automotive will cut several hundred head office jobs across the UK and parts of Europe from its 1,700-strong workforce to simplify its head office and improve efficiency. The company’s Hambach factory in France is unlikely to be affected; the plant builds the Ineos Grenadier. The Grenadier has faced production and quality problems, including a US recall of more than 7,000 vehicles for faulty doors. Higher US car import tariffs and weak credit market confidence have increased financial strain. Ineos’s broader chemicals business has closed German plants, planned job cuts in East Yorkshire, and is pursuing anti-dumping cases to protect margins.

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