Christian Salvesen PLC is planning to close four sites in Germany and to cut 200 jobs.

LONDON (AFX) – Christian Salvesen PLC, the European logistics group, warned
that trading in its industrial division in the UK and Germany has been hit by
sharply lower volumes over the Christmas period and that it is planning to close
four sites in Germany and to cut 200 jobs.
It also said problems in Spain and Germany continue to impact on its
profits.
In a trading update, the company said it expects the exceptional costs for
this action plan will amount to 7 mln stg in the current financial year, with a
payback period of between one and two years.
Christian Salvesen said it does not expect the shortfall at the UK and
German industrial operations will fully recover to expected levels for the rest
of the financial year. It blamed a worsening climate in the automotive and
general engineering sectors — significant markets for these operations.
A “vigorous” action plan for Spain is in the process of being formulated.