Cargotec to Axe 220 Jobs at MacGregor

zoom Finnish cargo-handling machinery maker Cargotec plans to lay off around 220 employees at its subsidiary MacGregor, justifying the decision by the weakening offshore and merchant shipping market. MacGregor, which specializes in the construction of marine and offshore cargo-handling equipment, saw a dip in the number of orders due to the low oil price and low number of new merchant ship orders, Cargotec said in a release. MacGregor is also planning to reduce the use of external workforce. Cargotec expects to save EUR 20 million annually through these layoffs and contract cancellations. The countries where the impact of the planned measures is estimated to be biggest are Sweden, Singapore and Norway.