Possible job loses at Ace Winches

Ace Winches, based at Towie Barclay Works Turriff have announced that up to 60 jobs could be put at risk of redundancy after a downturn in the global gas and oil markets.

The company reported a 9% increase in turnover for the year to October 2014 but said that pre tax earnings were down by £5m due to the highly complex nature of a small number of projects.

The company said it was

proactively managing its business during the downturn within the oil and gas industry and as part of this process the company is reviewing headcount and it is expected that approximately 60 positions may be placed at risk of redundancy.

The company is also reviewing the terms and conditions of employment for all its employees to give greater flexibility when managing work and to minimise any future reductions in its headcount.

Ace Winches also operate out of Stavanger and Torvastad in Norway.

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