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Oxford Instruments cuts 7 percent of workforce
(MENAFN) Oxford Instruments Plc, a maker of nanotechnology tools, said it cut 7 percent of its workforce, or 160 jobs, to reduce costs as trade sanctions hit sales in Russia, Oman Observer reported.
The company said it now estimates cost savings of around USD12.26 million this financial year, higher than the USD9.2 million it earlier expected to add to its operating profit 2015-16 onwards.
Oxford Instruments, which makes maintenance systems and parts for CT and MRI scanners, said the cost reduction plan included the closure of six of its smaller sites, to be completed by the end of the first half.
The company said it now estimates cost savings of around USD12.26 million this financial year, higher than the USD9.2 million it earlier expected to add to its operating profit 2015-16 onwards.
Oxford Instruments, which makes maintenance systems and parts for CT and MRI scanners, said the cost reduction plan included the closure of six of its smaller sites, to be completed by the end of the first half.
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