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Manufacturer Forced to Axe 28 Jobs

Sunday, 8th June 2008.

NEARLY 30 workers are set to lose their jobs at a Haverhill manufacturing company.

Titon, which makes ventilation systems and window and door hardware, has revealed it is planning 28 redundancies at its site in Falconer Road.

A further five jobs will also go at the Colchester site of the company, which employs 200 people in total.

In a statement, the firm blamed rising costs and the worldwide "credit crunch" for the job cuts.

The statement said: "Titon operates in an increasingly competitive market sector. Initially, problems occurred as a result of escalating raw material costs, which had made the manufacture of our products more expensive. Although some of this cost increase has been successfully passed through the supply chain, our margins have been further eroded by the worsening pound-euro exchange rate.

"Yet greater pressure caused by the growing worldwide credit crisis has now forced the company directors to consider staff levels at both Colchester and Haverhill sites. While efforts have been made to find cost savings without recourse to redundancies, we can no longer delay the inevitable.

"The directors consider that this action will carry Titon through this particularly difficult period, and trust that both the Government and financial institutions will provide the necessary measures to stabilise the turmoil currently being experienced by many sectors of industry.

"Meanwhile we will do everything possible to minimise the impact to both our staff and our customers."

Haverhill Weekly News

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